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Inflation in China at 11-year high - some foods rose 50% in February alone! (beware of crashing Chinese stocks)
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This Link is located in the Public Channel Chinese Bubble.
Posted by ian 1 year 349 days ago (chinadaily.com.cn). Views: 140
Tags: china |
| Related Tags: news olympics chinese bubble gold inflation dollar housing bubble |
Inflation in February rose 8.7 percent year on year, the fastest monthly rise in more than a decade, China's National Bureau of Statistics reported on its website on Tuesday.
The accelerating price hikes, mostly contributed by skyrocketing food prices, have hardened the life of wage-earners and pensioners, Chinese analysts say, and will pressure China's central bank, the People's Bank of China, to increase benchmark interest rates, in the short run.
A customer buys vegetable at a market in Nanjing, Jiangsu province February 19, 2008. China's consumer price index (CPI), the major gauge of inflation, hit a new 11-year high of 8.7 percent in February on the back of skyrocketing food prices, announced the National Bureau of Statistics (NBS) Tuesday. [Agencies]
The 8.7-percent rise, as compared with 7.1 percent going-up reported for January, is the most precipitous hike witnessed in more than 11 years. Xinhua News Agency said that the country's major inflationary index once rose by 14.1 percent from 1992 to 1996.
The steep price rises came after the worst snowstorms hitting southern and central China in five decades disrupted the economy and worsened food shortages. The statistical agency reported the prices of food rose more than 23 percent in February, with those of meat, eggs, vegetables, cooking oil and fruits increasing about 50 percent.
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