Analysts believe that China's inflation rate will remain over 6 percent in September due to continuous rise of food prices across the country. [Photo/Xinhua] |
Analysts believe that China's inflation rate will remain over 6 percent in September due to continuous rise of food prices across the country, Tuesday's Economic Information reported.
According to National Bureau of Statistics data, food prices have continued to rise in 50 major Chinese cities since the beginning of September, with prices of beef, lamb and melon increasing the most. Pork prices also rebounded this month.
Although most analysts predict September's consumer price index (CPI) will rise more than 6 percent, their predictions were mixed as to whether this month's CPI will exceed last month's level of 6.2 percent.
Guohai Securities predicted September's inflation rate to be between 6 and 6.2 percent. Despite slower food price growth after the Mid-Autumn Festival, it's unlikely that commodity prices will drop by a large margin in the near term, the securities company said.
But Lu Zhengwei, chief economist at Industrial Bank, put September CPI at about 6.3 percent, citing rising commodity prices across the board.
China's CPI surged to a 27-month record high of 6.5 percent in July and fell slightly to 6.2 percent in August.
China's business press carried the story above on Tuesday.
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