 Apr. 14, 2008 (China Knowledge) - Shanghai's producer price index (PPI) registered a year-on-year growth of 1.9% in the first quarter of this year, and the monthly growth was 1.5%, 1.7% and 2.4% respectively in January, February and March, according to the municipal statistics bureau. Higher costs of raw materials, uncurbed food prices and the price hikes on the global market as well as the snowstorms this winter are the main reasons for the increase, sources cited an analyst with the bureau as saying. During the period, the cost of raw materials increased 7.1% over last year and the figure even hit 9.2% in March, especially in the coal, ore and petroleum sectors. However, the business confidence index edged up slightly to 140.6 points in the first quarter from the previous quarter, which indicates Chinese entrepreneurs' optimism towards the business prospect of the country.
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