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China may fail to reach 3% CPI targets this year

11-11-2010 08:28 BJT

Amid pressure from soaring food prices, China's top economic planner predicted on Tuesday that the country's consumer price index, the main gauge of inflation, may exceed the target set by the government.

Zhang Ping, head of the National Development and Reform Commission said the CPI for the year may slightly exceed 3 percent. Zhang said the rising number of natural disasters, ample liquidity in markets and speculations all contributed to the recent price increases. International disruptions, including the devaluation of the US dollar, the latest move by the US federal reserve and monetary policies in Japan also worsened the situation. An official with the State Information Center said China's CPI may reach 4 percent or even higher next year, particularly in the first half of 2011. The country's top economic planner said the government is keeping a close watch on price fluctuations, especially food prices. Official figures show that 80 percent of food products saw price increases in October compared to the previous month.

Editor:Zhang Ning |Source: CNTV

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