Economy

China's NDRC urges more efforts to cap price rises

(Agencies)
Updated: 2010-11-24 13:42

China's top economic planning agency urged local governments on Wednesday to redouble efforts to prevent speculative funds from driving up prices of a wide range of products.

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The statement by the National Development and Reform Commission is the third this week aimed at dampening inflation expectations after consumer prices rose 4.4 percent in the year to October, the fastest pace in 25 months.

Provincial authorities must act firmly to prevent hoarding and price gouging, the NDRC said on its website (www.ndrc.gov.cn).

"With the government taking more tightening measures, some speculative funds have started to take on various new guises, which poses a new challenge to our regulations," the NDRC said.

Beijing has taken various steps in the past week to increase supplies of food and energy. It has said it will resort to price controls if necessary.