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Central bank: Half of Chinese feel price pinch

(Xinhua)
Updated: 2010-03-16 22:38
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BEIJING - A record 51 percent of Chinese depositors regard prices of consumer goods as "unacceptably high," a central bank survey revealed Tuesday.

It was the highest such result since the start of the survey in 1999, said People's Bank of China (PBOC), the central bank, in a statement on its website.

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The quarterly survey of depositors was carried out in 50 cities across the country in the mid to late February, it said.

Last Thursday's economic data showed China's consumer price index (CPI) grew more than expected in February, up 2.7 percent year on year. The figure in January was 1.5 percent.

Public expectations of inflation would continue to rise next quarter, and probably restrain consumption, said the bank.

The poll showed only 15.3 percent of savers were prepared to spend more, while 43.6 percent chose to save more in the banks and 41.2 percent wanted to invest more.

The survey also showed over 70 percent of savers questioned thought housing prices were unacceptably high.

Despite government measures to curb property prices, China's property market grew at its fastest pace in 20 months in February, with housing prices rising 10.7 percent from a year ago.
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