Tuesday, March 11, 2008

China's CPI surges 8.7% in Feb

China's consumer price index (CPI) in February surged 8.7% year-on-year, the highest monthly increase since the 8.9% growth in May 1996, the National Bureau of Statistics (NBS) disclosed on Tuesday.

According to Yao Jingyuan, chief economist of the bureau, the figure was mainly driven by the rising food prices, the worst snowstorm in five decades in the middle and southern part of China from January to February. In comparison, the index was only up 2.7% in February last year.

In February, the food prices surged 23.3%, with pork and vegetable prices up 63.4% and 46% respectively. The average growth of CPI in the first two months of 2008 was 7.9%.

Bank of China<601988><3988> has previously predicted that the CPI would increase by 8.3% in February.

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