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Food Price Increases Drive China's Inflation to 10-Month High
Mar 11,2013 09:06CST
industry news
Source:SMM
China's annual consumer inflation rebounds to a 10-month high of 3.2 percent in February on accounts of rising food prices during the Spring Festival season.

BEIJING, March 11 -- China's annual consumer inflation rebounds to a 10-month high of 3.2 percent in February on accounts of rising food prices during the Spring Festival season, data from the National Bureau of Statistics (NBS) data showed Saturday.

On a month-on-month basis, February's CPI gained 1.1 percent from the previous month, according to the NBS statement.

Food prices, accounting for nearly one-third of weighting in China's CPI, remained a key driver of inflation in February as the Spring Festival season, which fell within that month, pushed up demands.

The NBS statement said food prices jumped 6 percent last month from the same period last year, propelling the CPI up by 1.98 percentage points.

But the upward trend is unlikely to sustain as the holiday effect fades off and the warming weather will help supplies, the NBS said, suggesting the CPI growth will ease this month.

In Tuesday's government report, Premier Wen Jiabao said China aims to hold this year's consumer price growth to around 3.5 percent.

In 2012, China's CPI grew 2.6 percent, well below the year's 4-percent control target.

 

China inflation

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