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ReturnChina:Inflation grows at nearly 2-year high
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admin
PublishDate：
2006-12-11 14:31:00
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Surging food prices stimulated China's inflation to grow at the quickest pace in 20 months during November, the National Bureau of Statistics reported today.
The consumer price index jumped 1.9 percent last month from a year earlier.
Food costs, comprising of a third of the consumer price index, rose 3.7 percent after gaining 2.2 percent in October, due to a 4.7 percent surge in grain prices, 6.2 percent growth in grease prices and 7.6 percent jump in meat costs.
Clothing prices gained 0.1 percent from a year earlier, the first increase since 1999. Prices of alcohol and cigarettes also grew by 0.1 percent in the period.
Residential prices grew 4.2 percent in the period, driven by the 3.2 percent growth of water, electricity and fuel prices. Prices of constructive materials grew 5.2 percent and average residential rental prices rose 4.1 percent.
Consumer prices rose 1.3 percent in the first 11 months of this year, compared with a year earlier.
The central bank last month forecasted that consumer inflation will ease to 1.5 percent for 2006 from 1.8 percent in 2005. Even so, it said inflation could quicken as China deregulates energy prices and boosts welfare spending. In addition, a possible rebound in investment could send raw material costs higher, the bank said.
Source: Shanghai Daily News
