Tuesday, December 11, 2007

Chinese inflation at an 11-year high in November

Look east, look west; inflation is everywhere....

BEIJING - China's inflation rate was near an 11-year high in November, the government said Tuesday, fuelling fears that months of efforts to tame rising prices were not enough.

The consumer price index, a main gauge of the temperature of the economy, rose 6.9 percent last month compared with a year earlier, the National Bureau of Statistics said in a press release. The November figure, up from 6.5 percent in October, was at the highest monthly level since December 1996, according to analysts.

The National Bureau of Statistics said the spike in November was propelled by an 18.2-percent rise in food prices. Pork, which forms the core of most Chinese diets, was up by a staggering 56 percent.