Wednesday, May 28, 2008

China 2008 inflation rate may rise to 7%: researcher

China's inflation rate may rise to 7 percent this year from 4.8 percent in 2007, a government researcher said.

Possible reductions in price controls on oil, natural gas, electricity, railway transport and utility fees, may fuel the acceleration, said Fan Jianping, the head of the economic forecast department at the State Information Center.

Rising import costs and the effects of this month's earthquake in Sichuan province may also contribute to price increases, Fan said in an article in the China Securities Journal Monday. The Beijing-based newspaper is affiliated to the state-run Xinhua News Agency. China's economy is likely to grow at least 9.8 percent this year, said Fan.

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