| Central bank: Prices of live pigs, eggs surge in May |
| Wednesday,June 13,2007 Posted: 05:29 BJT(2129 GMT) Xinhua |
BEIJING -- Prices of live pigs and eggs led the hike in China's corporate goods prices in May, the People's Bank of China, the central bank, reported on Tuesday. The price of live pigs soared 58.5 percent year on year and that of eggs 46.7 percent, according to a report on the corporate good price index (CGPI) released by the central bank. The CGPI, previously called the wholesale price index, reflects price changes in products traded by corporations, and traces overall price fluctuations together with the consumer price index (CPI). The index was up 5.1 percent year-on-year in May, said the report. Prices of farm produce rose 11.3 percent, with wheat up eight percent, corn 16.5 percent and soybean 7.2 percent. Ferrous metals prices rose 8.6 percent and that of steel up 7.2 percent. The price of alumina was down 21.8 percent year-on-year but still 3.3 percent higher than April. Crude oil prices dipped 5.3 percent over a year earlier yet were 10.3 percent higher than the previous month. Consumer prices also reached the highest monthly level in more than two years, with the consumer price index, or CPI, a key indicator of inflation, surging 3.4 percent, according to the latest figures from the National Bureau of Statistics (NBS). Growing inflation is also reflected in the producer prices index (PPI), which grew 2.8 percent year-on-year in May, mainly driven by a 3.6 percent rise in procurement prices of raw materials and energy, according to NBS figures. The State Council, the country's cabinet, has urged local governments to keep a close eye on pork supplies. In Changchun, the capital city of Jilin Provice in northeast China, the local government has decided to offer monthly subsidies of as much as 25 yuan to each of 46,000 low-income families for two months. East China's Shanghai Municipal government is considering whether or not it should raise the previous 40-yuan subsidy to 45 yuan for each impoverished family in the city. In Guangzhou, capital city of Guangdong Province in the south, poor families will enjoy an allowance of 20 yuan per household from May to July. Hubei, Hunan, Liaoning and other provinces are also considering extra subsidies for low-income people. |
 | Inflation could lead to rate hike: Central bank chief 2007-06-25 06:09 |
| Central bank aide urges team effort over checks 2007-06-11 07:11 |
| Central bank mulls monetary policy 2007-06-06 05:28 |
| Central bank governor: China to continue using monetary tools for economic stability 2007-05-18 07:10 |
| Central bank rejects IMF advice on yuan 2007-04-16 06:05 |
| Central bank imposes inflation-fighting hike 2007-04-06 07:05 |
| Central bank survey: more Chinese invest in equity markets 2007-03-29 07:48 |
| Central Bank Vows to Open Financial Sector Further 2007-03-19 06:43 |
| Central bank governor: Breakthrough made in reform of China's commercial banks 2007-03-12 07:30 |
All articles marked with "Article type: Original" posted on the website of the Ministry of Commerce and its sub-sites are copyrighted by this Website and its sub-sites. Any reproduction or use by any other websites, media or individuals must be attached with a clear indication of "Source: Ministry of Commerce Website".
All articles posted on this website or its sub-sites marked with "Article type: reproduced" or "Article type: translated" and "Article type: redistributed" come from other media, and are provided solely for the user's information, which does not mean this Website or its sub-sites endorse the ideas thereof or assume any legal liability or responsibility for their authenticity. Any other media, websites or individuals must maintain the source of information indication on this Website or its sub-sites when using the information, and shall assume legal liability for the use.
