Feb consumer prices set to fall: official

Updated: 2011-03-07 10:34


Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - China's top economic planner said on Sunday that the February consumer prices will drop from the previous high levels, and is confident of checking inflation on the back of abundant grain reserves.

"We have the confidence and capability of keeping prices at stable level," said Zhang Ping, minister of the National Development and Reform Commission, at a press conference.

Grain reserve has reached 40 percent of annual consumption, much higher than the world standard of 17 to 18 percent, he said, adding the nation's wheat reserve stands at 100 billion kilograms, about the output of one year.

Related readings:
Feb consumer prices set to fall: official Inflation may peak in second quarter
Feb consumer prices set to fall: official China battling against inflation
Feb consumer prices set to fall: official Fight to tame inflation will be crucial, say experts
Feb consumer prices set to fall: official Rein in inflation and bubbles

China has put curbing inflation a top priority this year, Premier Wen Jiabao said in the government work report on Saturday.

The Consumer Price Index (CPI), a major gauge of inflation, reached 4.9 percent in January, slightly lower than the 28-month high of 5.1 percent in November.

"The price regulation still faces pressure and risks, and we should not take it lightly," Zhang said.

He pledged increased fiscal support for major grain-growing areas to ensure the eighth straight bumper grain harvest this year.

Farm produce reserves should be better regulated to cope with price fluctuations. Speculative hoardings will be cracked down, he said.

China will release the Feb CPI data next week as scheduled.


Sindberg leaves lasting legacy

China commemorates Danish hero's courage during Nanjing Massacres.

Crystal Clear
No more tears
Road to the Oscars

European Edition


NPC & CPPCC sessions

Lawmakers and political advisers gather in Beijing to discuss major issues.

Sentimental journey

Prince William and Kate Middleton returned to the place where they met and fell in love.

Rent your own island

Zhejiang Province charts plans to lease coastal islands for private investments

The green lantern
Adventures of Pierre
Inland interchange