Consumer price inflation hits 10-year high |
文章来源： 文章作者： 发布时间：2007-08-14 03:21 字体： [ 大 中 小] 进入论坛 |
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| Aug. 14 - Consumer price inflation in China accelerated to the highest level in more than 10 years as food prices continue to rise, official figures released on Monday showed, raising the possibility for the fourth interest rate hike this year.
The Consumer Price Index (CPI), a barometer1 of inflation, grew 5.6 percent in July, after a 4.4 percent rise in the previous month and a 3.2 percent increase for the first six months, the National Bureau of Statistics said in a statement on its website. That is well in excess of the official target of three percent.
By contrast, the Producer Product Index (PPI), a measure of inflation at the wholesale2 level, slowed down to 2.4 percent in July from June's 2.5 percent, the bureau said on Friday.
In a breakdown3 of July's CPI figures, food prices jumped 15.4 percent, while non-food items rose only 0.9 percent, the statement showed.
Among foodstuffs4, meat and meat products reported the biggest increase, up 45.2 percent, followed by a 30.6 percent hike in eggs, and a 30.1 percent rise in cooking oil. Grain prices went up 6.0 percent.
In July, the rural areas saw a 6.3 percent price increase, compared with 5.3 percent for the urban areas, according to the bureau.
Inflation risks were on the rise, the central bank admitted in its second quarter monetary5 report on Wednesday. It vows6 to take necessary measures to keep the basic stability in prices.
China has raised interest rates three times so far this year, with the last one on July 20 when the benchmark one-year deposit rate rose to 3.33 percent. That rate hike is coupled with a reduction of interest tax on bank deposits to 5 percent from 20 percent.
However, the return on deposits is still below the inflation rate, indicating a loss of purchasing power if people put their money into banks.
That is encouraging an exodus7 of bank deposits to the country's red-hot stock market, which has soared 77.53 percent so far this year on top of a 130 percent rally in 2006, fueling concerns of bubbles building in the market.
In response, analysts8 expect the central bank to raise the interest rates again in the coming months to turn the real interest rate positive, in part to offset9 the impact of rising prices, and to curb10 the flow of money into the equity11 market.
The price hike, especially in foodstuffs, is very sensitive in China as its people have a relatively12 low disposable income and food accounts for a major part in people’s daily spending. In 2006, the disposal annual income for urban residents stood at 11,759 yuan, and at 3,587 yuan for rural residents.
National Development and Reform Commission (NDRC), the country's top price regulator, has ordered a crackdown on the manipulation of food prices, after several industry associations and firms announced plans to raise prices, including instant noodles and Chinese fast-food chains.
Meanwhile, the Ministry13 of Civil Affairs raised the urban minimum living allowance for low-income families by 15 yuan a month.
The State Information Center (SIC), a think-tank under the NDRC, agreed on the mounting price hike pressure, but sought to play down concerns over full-scale, significant inflation in a report on Friday, citing stable prices of manufactured products.
Lu Zhongyuan of the Development Research Center of the State Council echoed the SIC's opinion. In the first six months, the core CPI, excluding food and energy, rose a mere14 0.9 percent, indicating the inflation is running at a low level, Lu said.
The rationale behind using the core CPI instead of CPI is that food and energy prices are vulnerable to changes in weather and international political situations, and are not a good reflection of substantial change in demand and supply.
However, the central bank suggests close attention be paid to food prices as, unlike in developed countries, food accounts for 34 percent of China's CPI.
The SIC put the CPI growth in the third quarter at 4.3 percent, up from 3.2 percent for the first half of this year, while anticipating the growth to slow down in the fourth quarter as food prices will gradually fall due to greater supplies.
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点击  收听单词发音
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1
barometer
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| n.气压表，睛雨表，反应指标 |
参考例句： |
- The barometer marked a continuing fall in atmospheric pressure.气压表表明气压在继续下降。
- The arrow on the barometer was pointing to"stormy".气压计上的箭头指向“有暴风雨”。
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2
wholesale
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| n.批发；adv.以批发方式；vt.批发，成批出售 |
参考例句： |
- The retail dealer buys at wholesale and sells at retail.零售商批发购进货物，以零售价卖出。
- Such shoes usually wholesale for much less.这种鞋批发出售通常要便宜得多。
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3
breakdown
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| n.垮，衰竭；损坏，故障，倒塌 |
参考例句： |
- She suffered a nervous breakdown.她患神经衰弱。
- The plane had a breakdown in the air,but it was fortunately removed by the ace pilot.飞机在空中发生了故障，但幸运的是被王牌驾驶员排除了。
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4
foodstuffs
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| 食物，食品( foodstuff的名词复数 ) |
参考例句： |
- Imports of foodstuffs accounted for a small proportion of total imports. 食物进口仅占总进口额的一小部份。
- Many basic foodstuffs, such as bread and milk, are tax-free. 许多基本食物如牛奶和面包是免税的。
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5
monetary
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| adj.货币的，钱的；通货的；金融的；财政的 |
参考例句： |
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
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6
vows
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| 誓言( vow的名词复数 )； 郑重宣布，许愿 |
参考例句： |
- Matrimonial vows are to show the faithfulness of the new couple. 婚誓体现了新婚夫妇对婚姻的忠诚。
- The nun took strait vows. 那位修女立下严格的誓愿。
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7
exodus
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| v.大批离去，成群外出 |
参考例句： |
- The medical system is facing collapse because of an exodus of doctors.由于医生大批离去，医疗系统面临崩溃。
- Man's great challenge at this moment is to prevent his exodus from this planet.人在当前所遇到的最大挑战，就是要防止人从这个星球上消失。
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8
analysts
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| 分析家，化验员( analyst的名词复数 ) |
参考例句： |
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
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9
offset
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| n.分支，补偿；v.抵消，补偿 |
参考例句： |
- Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
- He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。
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10
curb
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| n.场外证券市场，场外交易；vt.制止，抑制 |
参考例句： |
- I could not curb my anger.我按捺不住我的愤怒。
- You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
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11
equity
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| n.公正，公平，（无固定利息的）股票 |
参考例句： |
- They shared the work of the house with equity.他们公平地分担家务。
- To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
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12
relatively
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| adv.比较...地，相对地 |
参考例句： |
- The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
- The operation was relatively painless.手术相对来说不痛。
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13
ministry
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| n.(政府的)部；牧师 |
参考例句： |
- They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
- We probed the Air Ministry statements.我们调查了空军部的记录。
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14
mere
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| adj.纯粹的；仅仅，只不过 |
参考例句： |
- That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
- It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。
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