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Food price rise a major driving force for first-half CPI in China |
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13:04, July 19, 2007 |
Price hike for foodstuff, mainly grain, meat and fowl and eggs, contributed significantly to the rise of China''s consumer price index (CPI) in the first half of this year, Li Xiaochao, spokesman with the National Bureau of Statistics, told a press conference Thursday.
The major inflation indicator rose 4.4 percent in June compared with a year ago, or up 0.4 percent on the previous month.
This helped jack up CPI for the first half of this year by 3.2 percent on the same period of last year. The growth rate was 1.9 percentage points higher than the year-earlier level.
In breakdowns, foodstuff prices rose 7.6 percent, with grain price up 6.4 percent, egg price up 27.9 percent and prices for meat and fowl as well as related products up 20.7 percent. However, prices of fresh vegetables and fruits went down 2.9 percent from a year earlier.
Li Xiaochao noted foodstuff prices contributed 2.5 percentage points to the CPI rise in the January-June period. He said deducting prices of foodstuff and energy, China''s core CPI rose only 0.9 percent. Price hikes for foodstuff focused on grain, meat and fowl and eggs, Li added.
According to Li, the grain price rise was due largely to the rising grain prices on international markets and growing demand both at home and abroad.
Under the price hike on international grain markets, he said, China imported 800,000 tons of cereal in the first five months of this year, down 51.5 percent from a year earlier, and exported 5.06 million tons, up 53.5 percent.
China built some biological fuel projects over the past few years, which also gave rise to domestic demand for grain, Li said.
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