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Chinanews, Beijing, Aug 21 – Last July, CPI growth rate reached the highest point in ten years. Many people say China might be faced with an overall inflation problem. However, on Monday, an official from the State Development and Reform Commission (SDRC) said the current price hike was structural1 and China could guarantee its supply of food and agricultural products.
Over the past few years, CPI growth increased month by month. CPI growth rate had exceeded the 3% alerting line for several consecutive2 months. Last July, it reached 5.6%, an all-time high in ten years. During the past seven months, food and housing prices witnessed the largest ever growth, the two prices together contributing to the overall price rise by 3.4 percentage points. Compared with these two prices, prices of other goods remain stable, said Cao Changqing, director of SDRC's Pricing Section. The rise of food price has been caused by a variety of factors, including the price rise of food in international market, rising costs in food materials, the unbalanced supply and demand, and speculative3 activities conducted by some businesspeople, according to Chinese government. China can guarantee its food supply and the supply of other agricultural products. China had experienced bumper4 harvest for three consecutive years, and it has seen another good harvest this summer. At present, China's grain stock has increased by 24 billion kilograms compared with last year, SDRC official said. China's cooking oil production far exceeds market demand, and its supply of non-staple foods remains5 abundant. In addition, the production capability6 for other processed foods, including instant noodles, is also sufficient, Cao said. When talking about petroleum7 supply, Cao said that, at present, the two main Chinese oil producers, PetroChina and Sinopec, were operating normally and could guarantee the country's petroleum supply.
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