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Rising food prices in February fuel inflation
By Wang Yanlin |
February 14, 2011, Monday
|
Online Edition
Online Edition
MOST of the 29 food products tracked by the National Bureau of Statistics in 50 cities showed higher prices at the beginning of this month, indicating mounting pressure from inflation.
Only wheat flour, peanut oil, seed oil and cucumber showed a small decline in price, from 0.2 percent to 0.5 percent in the first 10 days of February, compared with the previous 10 days, the bureau said today.
Other foods all reported higher costs, led by celery which jumped 7.9 percent in price from the previous 10 days.
The bureau is set to release the Consumer Price Index, the main gauge of inflation, today. The current inflationary spiral was mainly powered by untamed food prices.
Analysts widely expected the index may climb above 5 percent again due to costly food.
China's consumer prices expanded 4.6 percent year-on-year in December, a relief for many after it hit a 28-month high of 5.1 percent in November.
China announced an interest rate increase on February 8, a surprise for the public as it was the last day of the week-long Spring Festival holiday, reflecting the urgency to put inflation under control.
It has been the third interest rate increase since October 2010.
Only wheat flour, peanut oil, seed oil and cucumber showed a small decline in price, from 0.2 percent to 0.5 percent in the first 10 days of February, compared with the previous 10 days, the bureau said today.
Other foods all reported higher costs, led by celery which jumped 7.9 percent in price from the previous 10 days.
The bureau is set to release the Consumer Price Index, the main gauge of inflation, today. The current inflationary spiral was mainly powered by untamed food prices.
Analysts widely expected the index may climb above 5 percent again due to costly food.
China's consumer prices expanded 4.6 percent year-on-year in December, a relief for many after it hit a 28-month high of 5.1 percent in November.
China announced an interest rate increase on February 8, a surprise for the public as it was the last day of the week-long Spring Festival holiday, reflecting the urgency to put inflation under control.
It has been the third interest rate increase since October 2010.
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