NDRC Says Chinese Inflation Set To Accelerate Further
2011-06-22 12:37:10
Chinese inflation is set to increase again in June from a 34-month high seen in May, the National Development and Reform Commission said Wednesday. But it will moderate in the second half of the year.
"Overall price level remains high and inflation will remain elevated for some months although the overall situation is controllable," the NDRC said.
According to NDRC, the main reason behind the high inflation rate this year is the carry-over effects from the sharp growth in prices in the second half of the last year. Inflation rose to 5.5 percent in May from 5.3 percent in April.
This month the People's Bank of China raised the reserve requirement rate for banks for the sixth time this year to tame the stubbornly high inflation.