The volatility of food prices in China is contributing to an “uncertain” outlook for inflation in the second half of the year, Sheng Laiyun, spokesman for the National Bureau of Statistics said today.
Uncertainties in the economic situation overseas and at home are also pressuring inflation, he told a briefing in Beijing today to discuss the nation’s first-half economic data.
Autumn grain planting has seen some impact from recent flooding although it’s too early to quantify the likely effect, he said. Still, with large grain reserves, there is no basis for a large increase in prices, Sheng said.
The oversupply of industrial goods will help ease inflationary pressures, the official said.