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BEIJING (XFN-ASIA) - China's central bank may have to respond to the August consumer price index (CPI) data with further tightening measures, including two more interest rate hikes by the end of this year, Goldman Sachs said.
The National Bureau of Statistics announced today that CPI rose 6.5 pct year-on-year in August, accelerating from the 5.6 pct growth recorded in July. The August figure takes inflation to its highest monthly level since December 1996.
"It adds to the growing evidence that inflationary pressure has already spread to non-food products," Goldman Sachs economist Liang Hong said in a note.
Producer price or wholesale inflation, announced yesterday, also edged up to 2.6 pct on a year-on-year basis, up from July's 2.4 pct.
"Going forward we believe there are non-trivial risks that inflation may continue to edge up. We expect the central bank to respond to higher inflationary pressures with decisive tightening measures, including two interest rate hikes to the benchmark lending and deposit rates by the end of this year," Liang said.
jianbo.wu@xfn.com
xfnjbw/xfnrc
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