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Rising food costs boost China's inflation rate to 25-month high

11-11-2010 15:51 BJT Special Report:China’s Economic Data for Sept. |

BEIJING, Nov. 11 (Xinhua) -- Surging food prices pushed up China's consumer price index (CPI), a major gauge of inflation, to a 25-month high of 4.4 percent in October, the National Bureau of Statistics (NBS) said Thursday.

Vegetables are seen at a market in Xining, capital of northwest China's
Qinghai Province, Nov. 11, 2010. Surging food prices pushed up China's consumer
price index (CPI), a major gauge of inflation, to a 25-month high of 4.4 percent in
October, the National Bureau of Statistics (NBS) said Thursday.(Xinhua/Zhang
Hongxiang)

The figure topped the market forecast of around 4 percent and was sharply up on September's 3.6-percent growth.

On a month-on-month basis, China's CPI rose 0.7 percent in October, said NBS spokesman Sheng Laiyun.

The price of food, which accounts for one third of the basket of goods used to calculate China's CPI, surged 10.1 percent year on year in October.

The October food price increase compared with a year-on-year growth of 8 percent in September, 7.5 percent in August, 6.8 percent in July and 5.7 percent in June.

In October alone, food prices rose 1.1 percent, while non-food prices climbed 0.4 percent from September, Sheng said.

The producer price index, a major measure of inflation at the wholesale level, rose 5 percent in October from a year earlier, 0.7 percentage points higher, he said.


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