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Iron ores prices may push up CPI
www.chinanews.cn 2005-04-08 13:03:17
Chinanews, April 6 - A 71.5% price hike in the price of China's imported
iron ore has been set in stone. Experts of the Pricing Monitoring Center
(PMC) of the National Development and Reform Commission (NDRC) said that
a chain effect caused by ore price increases might drive up the consumer
price index (CPI), thereby exerting more inflation pressures on the
Chinese currency.
Liu Manping, an official from the PMC, indicated that, in recent years,
China's iron ore import has increased 20% annually, up to 208 million
tons in 2004. The price of iron ore is estimated to reach 210 yuan per
ton in 2005. Based on last year's import volume, China will have to pay
43 billion yuan for imported iron ore in 2005.
Liu believed that, at present, prices of commodities closely linked to
daily life would not go up thanks to the lagging effect of iron and steel
price increases. However, after two years of continuous hikes, some
common commodities will undoubtedly see prices increases, thus becoming
an important factor in a gain in the CPI.
He also singled out for special attention the fact that housing prices
released by the State Bureau of Statistics do not include the price of
real estate. However, hikes in iron ore and steel prices play a
significant role in pushing up real estate prices.
��CPI growth rate would be between 3% and 3.5% (2005-03-31)
��China's CPI rose 3.9 0n Feb (2005-03-14)
��China's CPI to increase less than government forecast
(2005-03-09)
��China's CPI to rise 3.28 0n 2005 (2005-01-17)
��CPI expected to rise 4 0n 2004 (2004-12-10)
��China reacts to skyrocketing iron ore prices (2005-04-01)
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