11 Mar '11, 3am

China's inflation hits 4.9% in Feb

BEIJING: China said on Friday that consumer prices rose 4.9 per cent year-on-year in February, well above the official target, but the government insisted it could keep inflation under control in 2011. Rising costs of food, housing and other essentials have become a major source of anxiety for consumers and stability-obsessed policymakers, who are ever fearful that prolonged inflation could spark social unrest. The consumer price index, the key gauge of inflation in the world's second-largest economy, was unchanged from January, and again surpassed the government's annual inflation target of four per cent. Analysts had expected inflation to stand at 4.8 per cent due to lower vegetable prices and much-needed snowfalls across drought-stricken northern China, according to Dow Jones Newswires. While officials said the situation was manageable, some analysts warned prices would...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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