11 August 2010 08:55 [Source: ICIS news]
GUANGZHOU (ICIS)--Consumer prices in ?xml:namespace>
Consumer inflation was at a 21-month high last month, while wholesale prices, as measured by production price index (PPI) jumped an annual 4.8%, based on data from the National Bureau of Statistics (NBS).
"The inflation expansion was largely due to fast spikes of food prices, driven by rising crop prices amid widespread flood that had heavily slashed production,” said Qiu Ziyuan, analyst with Shanghai-based broker China Merchants Securities (CMS).
In July, purchase price of raw chemical materials increased 6.7% year on year while fuel prices jumped 12%, based on NBS data.
Inflation would likely remain at an elevated level for the rest of 2010, partly due to continued rise in international crop prices, analysts said.
Meanwhile, growth in
For the January-to-July period, fixed asset investment in
“The drop in fixed asset investment was mainly due to deceleration of the property market amid governmental curbs on housing prices,” Qiu said.
Despite the slowing down of industrial activities,
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