China's inflation spiked up in July amid heavy flooding that disrupted food supplies, adding to pressure on the government to control rising living costs as rapid economic growth slows. Consumer prices rose 3.3 percent over a year earlier, the National Bureau of Statistics reported. It was the highest level this year and well above the government's official annual target of 3 percent.
The rise was driven by a 6.8 percent jump in food costs amid flooding across farm areas that has disrupted food supplies.
The jump in inflation adds to pressure on communist authorities to ease an increase in the cost of living. Beijing has clamped down on bank lending to cool double-digit increases in housing costs.
Source: Associated Press
The rise was driven by a 6.8 percent jump in food costs amid flooding across farm areas that has disrupted food supplies.
The jump in inflation adds to pressure on communist authorities to ease an increase in the cost of living. Beijing has clamped down on bank lending to cool double-digit increases in housing costs.
Source: Associated Press
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