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NDRC: Fuel price hike has little impact on CPI

04-10-2012 10:27 BJT Special Report:China's Economic Data |

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An official at China's top economic planner says the government's latest fuel price hike had a small impact on inflation in March. But in light of strong growth in food prices, the official says the NDRC is looking at introducing a new pricing scheme to control fluctuations within a reasonable range.

Zhou Wangjun, deputy director of the NDRC’s Department of Price says the recent fuel retail price hike in China only contributed to a small part of the latest CPI growth.

Zhou said, "We raised the fuel retail price by 600 yuan per ton, that only contributes 0.07 percentage points to the growth of CPI. Now, we’re offering subsidies to taxi drivers and for public transportation. Of course, private car owners and companies’ vehicles may have to share the burden of the price hike."

March’s CPI figures show the prices of cooking oil and milk powder contributed more to higher inflation. In supermarkets, the prices of some cooking oil products have gone up by an average of 8%, and milk powders by 10%.

Zhou said, "This has caught our attention, we’ve invited producers of cooking oil and milk powder to analyze the reasons behind the increasing prices. We will try to maintain food prices, including vegetables, pork, oil and grains at a reasonable level to avoid causing public concern."

Zhou added the government aims to introduce a new pricing scheme that will depend more on government reserves.

 

Editor:Zhang Rui |Source: CNTV.CN

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