Log in to your IBTimes Account

close
ID
Password

China's April inflation near decade-high levels



By JOE McDONALD, AP
12 May 2008 @ 08:57 am EST


China Economy
Pork vendors uses mobile phones while waiting for customers at their store in Beijing Monday, May 12, 2008. China's inflation rebounded in April to near decade-high levels, adding to pressure on Beijing to cool rapid price rises and avert possible unrest of the summer Olympic, according to official data reported Monday. (AP Photo/Andy Wong)
1 of 2

Related Topic

Get stories by e-mail on this topic.

E-mail:

Beijing has raised interest rates repeatedly over the past two years.

Prices began to rise in mid-2007 as China ran short of pork, grain and some other basic goods.

The government has attempted to assure the public that China has enough grain and is paying farmers to raise more pigs. Efforts to boost food supplies, however, were hampered by the most severe winter storms in decades, which wrecked crops and disrupted shipping.

The sharpest inflation has been limited to food but costs of raw materials and energy are edging up.

April's nonfood inflation was 1.8 percent, matching March, which was the highest in more than a year, according to the government data.

Producer prices rose 8.1 percent in April, driven by rising energy costs, according to the government.

April's 22.1 percent rise in food costs was fueled by a 68.3 percent jump in the price of pork, a 46.6 percent increase in that of cooking oil and a 13.6 percent increase for fresh vegetables.

China's global trade surplus in April fell by about 1 percent from the same month last year to $16.8 billion amid weaker global demand for Chinese goods, according to government data.

The trade surplus with Europe jumped by 34.8 percent to $12 billion (7.8 billion euros) while that with the United States saw much slower growth, rising by 4 percent to $13 billion, according to the Chinese customs agency.

The growing Chinese trade gap with the 27-nation European Union has prompted the EU to join Washington in lobbying Beijing to ease currency controls and import barriers.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Click!
  • Rate this article:

Comments

Post Your Comment

You must be an IBTimes member to post a comment. Login | Register


advertisement
More Politics & Policy
Hurricane Ike roared across low-lying islands and bore down on Cuba, destroying homes, sweeping away boats and bringing more rain to waterlogged communit...
When reports circulated over the weekend of a last-minute deal to keep Coney Island's historic Astroland amusement park open for another year, owner Caro...
Republican vice presidential candidate Sarah Palin has agreed to sit down with ABC's Charles Gibson later this week for her first television interview si...

Advertisement
Corporate Website Design

Professional Website Design For Corporate - Get a Free Quote Today

advertisement
 
IBTimes.com Web
Partners
International Business Times© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives