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China Price Freezes To Stop Inflation
by Stewart DouglasThe Chinese government has today announced it is freezing certain prices within the economy in order to help keep inflation under control to prevent further economic detriment, as part of its ongoing commitment to keeping inflation under control.
The move came after inflation for the month of August on the consumer price index rose to 6.5% annually, up from 5.6% in the month previously. This sees Chinese inflation hit its second consecutive decade-high level over the last two months, signifying the extent of the problem of inflation within the economy.
China has enjoyed an extreme economic growth trend over the last few years which has seen it expand far beyond that of any other world economy into a leading global economic force. However, as a result, inflation has become a significant problem in the economy, and is becoming more burdenous on every day life.
As a result, the government has been engaged in a number of anti-inflationary measures over the course of this year, including several interest rate rises and increases in the cash reserve ratios. Finally, this has culminated in the price freezes announced today, with inflation continuing to rise month on month.
The central bank has said today that controlling the rate of inflation is critical to the sustained growth and development of the Chinese economy, with inflation posing the biggest threat to the near future of the economy and its health.
The price of basic foodstuffs has increased significantly over the course of the year, with meat and pork prices particularly rising by around 49% since this time last year.
The price freezes over certain essential products are designed to stop inflation in its tracks over the short term, as the authorities begin to implement more measures to restrict the onset of inflation over the longer term.
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