09 Jul '11, 3am

China's inflation jumps to three-year high

BEIJING - CHINA'S stubbornly high inflation accelerated to a three-year high in June even as the overheated economy began to cool. Consumer prices rose 6.4 per cent over a year ago, a sharp jump from May's 5.5 per cent rate, data showed on Saturday. It was driven by a 14.4 per cent rise in politically volatile food costs, up from May's 11.7 per cent. Communist leaders have declared taming prices their priority this year, but inflation has steadily risen this year even as economic activity gradually eased following repeated interest rate hikes and other controls. Inflation is politically dangerous for the ruling Communist Party because it erodes economic gains that underpin its claim to sole power and can fuel unrest. The Cabinet's planning agency forecast earlier that June inflation would likely exceed May's increase due to summer flooding that damaged crops and pushed up ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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