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Inflation jumps to 3-year high of 6.4%
Source: Shanghai Daily |
July 9, 2011, Saturday
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Online Edition
Online Edition
CHINA'S consumer price index (CPI), the main gauge of inflation, rose 6.4 percent year-on-year in June, the National Bureau of Statistics said today.
The index was a staggering price hike from May's 5.5 percent rate. It was driven by a 14.4 percent rise in food costs, up from 11.7 percent in May.
China's planning agency had forecast that June inflation would likely exceed May's increase due to summer flooding that damaged crops and pushed up prices of pork and vegetables.
The price of pork, the country's staple meat, jumped 57.1 percent in June, the bureau reported.
The June figures were released earlier in the month than usual in what the bureau said is a new policy to prevent leaks by announcing data as soon as they are compiled.
The index was a staggering price hike from May's 5.5 percent rate. It was driven by a 14.4 percent rise in food costs, up from 11.7 percent in May.
China's planning agency had forecast that June inflation would likely exceed May's increase due to summer flooding that damaged crops and pushed up prices of pork and vegetables.
The price of pork, the country's staple meat, jumped 57.1 percent in June, the bureau reported.
The June figures were released earlier in the month than usual in what the bureau said is a new policy to prevent leaks by announcing data as soon as they are compiled.
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