Economy

China under pressure amid imported inflation: NDRC

(Xinhua)
Updated: 2011-06-08 17:26

BEIJING - China is under great pressure amid imported inflation triggered by soaring international grain prices and oil prices, a senior economic planning official said on Wednesday.

Related readings:  China's CPI to rise in May  Increase in interest rates likely  Inflation may peak in June  May CPI prospect heralds another rates hike

The country has taken a series of measures to control climbing prices since the second and third quarters of last year, Xu Xianping, vice minister of the National Development and Reform Commission (NDRC), said at a press conference.

The measures, such as raising interest rates, increasing market supplies and cutting fees, have shown some results, Xu said.

The most obvious change has been a decrease in vegetable prices, Xu said.

Countering price hikes is a top priority for the country, and measures to keep prices down will be gradually carried out over time, Xu said.

The Consumer Price Index (CPI), a major gauge of inflation, rose to 5.3 percent in April, well above the government's annual inflation control ceiling of 4 percent.

The May CPI is scheduled to be published on June 14.