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| Prices of Producer Goods Rose 3.5% Last Year |
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Prices of materials used in manufacturing in China rose 3.5 percent year on year in 2006, 0.6 percentage points higher than 2005, according to the National Development and Reform Commission (NDRC). A report issued by the NDRC's Department of Pricing predicted that prices would grow two to three percent this year fueled by booming demand for energy and mining products and rising costs for resource-intensive products. In 2006 prices were generally high, but dropped a little in the latter half of the year, said the report. Rising prices are supported by fast growth in fixed assets investment, vibrant domestic demand and higher international prices. Prices of non-ferrous metals jumped sharply in 2006 and are expected to fall back slightly this year. Electrolytic aluminium rose 20.8 percent to 20,392 yuan per ton and copper cathodes jumped 74.6 percent to 62,239 yuan per ton last year. Prices of oil products rose nearly 18 percent on average. Prices for this year are hard to forecast given the uncertainty about international oil prices. The report predicted a price of around 60 to 65 dollars per barrel in the absence of any major untoward events. (Xinhua News Agency January 18, 2007) |
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