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by Greg Cruey on February 21, 2008
Inflation in China is at a high point not seen since last century.
According to a February 19th Agence France Press report on inflation in China, "The nation's main inflation gauge Spiked to 7.1 percent last month, the National Bureau of Statistics said, pushed up by an 18.2 percent rise in food prices, with the cost of pork jumping 58.8 percent compared with a year ago." the report was published at Naharnet.
Much of the spike in food prices is bring blamed on China's hard winter. Ice and snow storms brought chaos to much of China during Chinese New Year celebrations earlier this month. Government efforts to control prices in the face of the weather emergency have largely failed. Many analysts think that inflation in China will continue to rise for at least a few month. The prospect of an economic slow down in the US that could impact China's export economy only makes controlling inflation harder for the Chinese government, according to the AFT report.
According to a February 19th Agence France Press report on inflation in China, "The nation's main inflation gauge Spiked to 7.1 percent last month, the National Bureau of Statistics said, pushed up by an 18.2 percent rise in food prices, with the cost of pork jumping 58.8 percent compared with a year ago." the report was published at Naharnet.
Much of the spike in food prices is bring blamed on China's hard winter. Ice and snow storms brought chaos to much of China during Chinese New Year celebrations earlier this month. Government efforts to control prices in the face of the weather emergency have largely failed. Many analysts think that inflation in China will continue to rise for at least a few month. The prospect of an economic slow down in the US that could impact China's export economy only makes controlling inflation harder for the Chinese government, according to the AFT report.
Permalink: Inflation in China Hits 11 Year Peak
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