The People's Bank of China warned that, between price pressure on raw materials and energy shortages, inflation would likely pick up in the third quarter before slowing in the last. In its quarterly report, the central bank also said GDP growth would slow slightly in the third quarter. The report suggested money supply growth would level off in the third quarter, but still meet its established targets of 17% year on year increase for M2. The central bank also issued a warning for the property sector, saying supply shortages would drive up prices. Because of that, the PBoC said the government would be paying ï¿½serious attentionï¿½ to the market.