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China's commodity prices increase to slow down in coming months: NDRC

07-09-2012 17:08 BJT

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The National Development and Reform Commission, China's top price regulatory agency has forecast commodity prices increase to slow down in the coming months. This comes as China's Consumer Price Index, a main gauge of inflation, grew 2.2 percent in June, hitting a record low in 29 months.

Zhou Wangjun, Deputy Director, Dept of Price, NDRC, said, "Based on analysis of current domestic and international situation, we expect the rising rate of commodity price to ease at around 2 percent in the second half of this year, rising rate lower than that is impossible. However, there are also uncertain factors."

China's annual inflation target is 4% for the year. Analysts say the international oil prices as well as other major commodities are on a downward trend. This is helpful for the regulation of domestic price control. The GDP figure is also expected to hit a low. The average forecast is that economy grew 7.6 percent in the second quarter year on year that would mark the slowest quarter of expansion since the three months to March 2009, at the depths of the global financial crisis.



Editor:Bai Yang |Source: CNTV.CN

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