Sunday, 12 December 2010

China's inflation rate rises

China's inflation accelerated in November. AFP/CNA reports:

China said Saturday that inflation topped five per cent for the first time in more than two years, a figure analysts said would lead to fresh interest rate hikes as officials battle to curb price rises.

The country's consumer price index rose a faster-than-expected 5.1 percent year-on-year in November as food costs continued to soar, compared with 4.4 per cent in October, the National Bureau of Statistics said.

It was the fastest increase in consumer prices since July 2008, when inflation hit 6.3 per cent, and was well above the government's full-year target for three per cent.

In fact, the economy as a whole appears to be accelerating.

Other key data showed industrial output from China's factories rose 13.3 per cent on year, up from 13.1 per cent in October, even as Beijing closed highly polluting operators and rationed power to energy-intensive industries...

Fixed asset investment in urban areas, a measure of government spending on infrastructure, rose 24.9 per cent over the January-November period, slightly faster than the 24.4 per cent over the first 10 months of the year.

Retail sales, a key measure of consumer spending, jumped 18.7 per cent on year compared with 18.6 per cent in October.

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