Economy

Asian Development Bank lowers China's CPI forecast

(Xinhua)
Updated: 2010-09-28 13:54

BEIJING - The Asian Development Bank (ADB) has lowered its forecast of China's 2010 consumer price index (CPI), a major gauge of inflation, to 3.2 percent from the 3.6 percent predicted in April.

Related readings:  August CPI rises to 22-month high, PPI up 4.3 pct  China's August CPI rises 3.5%  China's CPI likely to peak in August: economist  China expects Q3 CPI growth to stay around 3.3%

"Consumer price pressures in China remained relatively subdued, with some expected utilities price increases put on hold," said Paul Heytens, ADB's country director for China, at a press conference in Beijing.

China's consumer prices, after falling for most of 2009, have edged up this year. In August, the CPI posted a 22-month high of 3.5 percent year on year.

China has set a target of a 3-percent rise in consumer prices this year. Official statistics show that, for the first eight months, the country's inflation increased 2.8 percent year on year, accelerating from the 2.7-percent gain in the year to July.