Local Governments to Keep a Close Eye on Prices

From Caijing.com.cn:

China’s top economic planner said it has asked local authorities to keep a lid on prices of key goods in a move to control inflation in the run-up to Oct.1, the 60th anniversary of the People’s Republic of China.

In an Aug. 27 online statement, the National Development and Reform Commission said that while consumer prices had been falling since the second half of 2008, rapid credit growth and soaring asset prices had boosted inflation expectations.

The NDRC said that because overall supply and demand are basically balanced and grain reserves are ample, consumer prices should not rise sharply across-the-board.

Still, the economic planner has asked local price authorities to closely monitor the market and take measures to curb any illegal price hikes.

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