11 March 2013 02:43 [Source: ICIS news]
SINGAPORE (ICIS)--China’s consumer inflation hit a 10-month high in February due to rising food prices during the Lunar New Year holiday in the month, industry sources said on Monday.
China’s consumer price index (CPI) in February increased by 1.1% month on month to 3.2%, also a 10-month high, according to data released by the National Bureau of Statistics (NBS) on 9 March.
Food prices were the key factor boosting inflation in February because the Lunar New Year holiday fell within the month, which drove up the domestic demand.
The rebound for CPI was larger than expected, said one analyst from the bureau.
The hazy weather in most of north China, especially in Beijing, also affected the transportation of vegetables, which boosted the prices further, according to NBS data.
China aims to rein in its CPI at around 3.5% for 2013, said Premier Wen Jiabao on 5 March.
The producer price index (PPI) fell by 1.6% year on year in February, the NBS data showed.
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