Archive for the ‘controls’ Category

Inflation figures pressure China to act: Commerce

March 12, 2008

BEIJING (Reuters) – China‘s high January and February readings for inflation have increased the pressure on the government to take action to counter price rises, Commerce Minister Chen Deming said on Wednesday.

A Communist Party delegate (L) poses for a photograph in front ...
A Communist Party delegate (L) poses for a photograph in front of the Great Hall of the People with a member of an ethnic minority group wearing traditional dress as they arrive for the National People’s Congress (NPC) in Beijing’s Tiananmen Square March 10, 2008. China’s parliament, the National People’s Congress, continues to sit in the Great Hall of the People, and is due to finish on March 18.

Annual consumer inflation jumped to 8.7 percent in February after hitting 7.1 percent in January, the worst in more than 11 years.

Chen told reporters that consumer inflation would stabilize at a high level over the next few months and then ease in the second half, as the impact of recent snowstorms subsided and because of a higher base of comparison from the second half of 2007.

The government still hoped it could hit its target of keeping consumer inflation to within last year’s pace of 4.8 percent, said Chen, who was speaking at a news conference held on the sidelines of the session of parliament.

Chen said an important….

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