中国3月份消费者价格指数(CPI)同比增长8.3%，较2月份8.7%的近12年高点有所放缓。CPI增长放缓反映出在2008年初的严重雪灾后，食品供应出现了复苏。综合3月份的数据，今年第一季度中国消费者价格同比上涨8%。

China's consumer price index for March eased to 8.3% YoY, from the near 12-year record of 8.7% in February. The moderation in CPI reflected a recovery in food supplies, after the severe winter storms in early-2008. Taking into account the March figure, consumer prices for the first quarter have risen by 8% YoY.

猪肉、蛋、粮食等主要食品相对短缺，是中国近来通胀背后的驱动因素，短缺源自于一些结构性因素和周期性因素的综合影响。随着中国收入的增长，对肉类和奶制品的需求有所上升——这对玉米和大豆等饲料的需求产生了倍乘效应。

China's recent inflation has been driven by the relative scarcity of staple food items such as pork, eggs and grains - which is due to a combination of structural and cyclical factors. As incomes rise in China, demand increases for meat and dairy products - which has a multiplier effect on demand for feed grains such as corn and soy.

为了应对围绕中国食品供应稳定性的担忧，政府出台了一些价格管控举措，并为种植粮食和饲养牲畜的农户提供了一系列激励措施。本月早些时候发布的国务院工作日程，将严控粮食出口列为今年的要务。农业部近期发布的数据表明，1至2月份中国农产品贸易从去年同期的顺差转为逆差，这反映出国内供应短缺及政府措施的影响。

Responding to concern about the stability of the country's food supplies, the government has introduced price controls and provided a series of incentives to grain and livestock farmers. The State Council's work agenda for 2008, published earlier this month, cited strict controls of grain exports as a priority for the year. Reflecting a domestic supply shortfall and the impact of government measures, recently released data from the Ministry of Agriculture show that China's trade in farm produce was in deficit in the Jan-Feb period, from a surplus in the same period last year.

价格管控有所放松

Price controls ease

随着通胀从2月份天气因素导致的上升中回落，一些食品企业向政府申请提价获准。国家发改委3月26日批准光明牛奶(Bright Dairy)和石家庄三鹿提价，4月1日批准丰益国际(Wilmar)的某些食用油提价。

With inflation easing from a weather-induced spike in February, some food companies have successfully applied to the government for the right to increase prices. The NDRC approved price increases for Bright Dairy and Shijiazhuang Sanlu's selected milk products on March 26 and Wilmar's selected retail edible oil on April 1.

尽管中国政府在价格管控方面表现出了一定的灵活性，但这并不一定显示通胀期的结束。实际上，在未来数月，食品价格上涨将会给CPI中的食品部分带来一定影响。

Although the government has shown flexibility with price controls, this does not necessarily signal an end of the inflationary period. Indeed, higher food prices will have an impact on the food component of CPI in the months ahead.

进一步加息空间？

Further room to raise rates?

美联储(Federal reserve)的降息行动，引起了中国当局对于两国利差不断扩大的关注，这将给人民币带来上行压力。第一季度中国的资金流入有所提速，原因是投资者押注于人民币升值及中国国内利率上调。 The US Federal reserve's easing program has made authorities mindful of the widening interest rate differential, which exerts upward pressure on the yuan. Fund inflows into China have accelerated in the first quarter, as investors bet on a stronger yuan and rising domestic interest rates.

不过，中国央行(PboC)行长近日指出，央行方面将保持警惕，并