Mumbai:
Inflation rate in China has hit its second 10-year high in August, led by
a further sharp rise in pork prices. Consumer price-based inflation rate in China
rose to 6.5 per cent in the year to August, up from 5.6 per cent in July, data
released by the National Bureau of Statistics said. Meat
price have risen 49 per cent over the past year, caused by a shortage of pork
following a series of disease outbreaks. The
pig population in China, the world''s biggest consumer of pork, has declined by
10 per cent over the past year due to major outbreaks of blue-ear disease. Food
oil cost 34.6 per cent more in August than a year earlier, eggs were up 23.6 per
cent and vegetables 22.5 per cent. Non-food
prices also rose by a modest 0.9 per cent in the year to August. China''s
central bank has raised interest rates four times already this year to try to
control inflation. Inflation
has exceeded the central bank''s annual target of 3 per cent for four straight
months. The average rate for the first eight months was 3.9 per cent. In August
last year, consumer prices rose 1.3 per cent. China''s
exports gained 22.7 per cent in August from a year earlier and imports climbed
20.1 per cent. The surplus with the US for the month also hit $15 billion. The
Chinese yuan has gained 10 per cent versus the dollar since the end of the peg
to the US currency in July 2005. China has said it will move at its own pace on
foreign-exchange changes.
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