The price increase will be slightly over 3% this year

Price situation is more serious than imagined but confident to control National Development and Reform Commission Zhang Ping stated at the National Coal Working Conference held on the 9th that it is estimated that the price index this year will be slightly higher than the target set at the beginning of the year by 3%. This is the first time that the responsible officials of the national ministries and commissions have indicated that the price increase will exceed 3% this year.

This position and previous National Development and Reform Commission repeatedly stressed that "this year's target price control within 3% no problem" has been different. In fact, since May of this year, due to the large increase in food prices, the CPI data has exceeded “3” or close to the “3” warning line for several months in a row, and more institutions predict that the October CPI increase may reach or even exceed 4%.

Zhang Pingcheng, afterwards, believed that there was no problem in realizing the annual price target because the original situation was expected to be better in the fourth quarter. However, the impact of natural disasters on the recent supply, coupled with the impact of input price increases, has made the price situation more serious than expected.

He said that due to the depreciation of the US dollar and loose liquidity, the international bulk raw material price market has caused speculation, resulting in higher prices for oil, iron ore, agricultural products, grain, cotton, and oil.

Zhang Ping believes that in addition to natural disasters and international factors, domestic liquidity is relatively loose and speculation and speculation factors are also the main reasons for the severe price situation.

Zhang Ping said that now the National Development and Reform Commission is paying close attention to the changes in the domestic price situation, and it must pay great attention to the prices of agricultural products and necessities, especially food.

Although there are multiple factors affecting the price of more than expected, but Zhang Ping said that this year has confidence in controlling prices, based on this year's China's grain production hit a record high, edible oil stocks are also more abundant.

According to Zhang Ping, China's edible oil stocks are close to an average of 10 pounds per person. In addition, this year's soybean harvest is also relatively high, so there is no shortage of edible oil. Zhang Ping pointed out that there is currently tension in the supply of cotton and vegetables. The main reason for this year's shortage of cotton is that the speculation of funds has pushed up cotton prices. In addition, the supply of vegetables, especially the supply of fresh vegetables in winter, is tense.

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