Wholesale prices up 10.3 pct in April: central bank
Updated: 2008-05-13 21:43
BEIJING -- China's corporate goods price (CGP) index, also called the wholesale price index, jumped 10.3 percent year-on-year in April, or 0.7 percent month-on-month, according to figures released on Tuesday by the People's Bank of China (PBOC), the central bank.
The wholesale price index reflects changes in the prices of commodities traded among enterprises on wholesale markets.
There were large variations in the price trends for various groups.
The prices of coal, oil and electricity went up 2.3 percent on average month-on-month. Prices of iron ore and rolled steel rose by 3 percent and 3.2 percent, respectively, month-on-month.
The prices of vegetables, edible oils and non-ferrous metals fell by 8.1 percent, 4.2 percent and 1.8 percent, respectively, month-on-month. Gold prices fell 5.1 percent month-on-month.
The prices of raw and processed grains edged up 0.5 percent and 0.1 percent, respectively, month-on-month, the PBOC said. Also up slightly: prices of processed meat, which rose 0.3 percent month-on-month.
Prices for farm products and mineral products rose by 0.5 percent and 1.3 percent, respectively, from March.
Prices for home appliances and cars edged up by 0.3 percent and 0.2 percent, respectively.
China has faced mounting inflationary pressure during recent months. The consumer price index, the main gauge of inflation, rose 8.5 percent year-on-year in April, compared with 8.3 percent in March and a nearly 12-year-high of 8.7 percent in February.
The PBOC lifted the reserve requirement ratio for commercial banks by 0.5 percentage point on Monday, which means the ratio will be at a new high of 16.5 percent as of May 20.
China has raised interest rates six times and the reserve ratio 14 times since 2007 to curb inflation and prevent economic overheating.
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