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China Inflation Peaks Beyond Ten-Year High
by Stewart DouglasThe national Chinese rate of inflation has grown beyond its previous ten year high off the back of steadily rising meat and pork prices, according to official figures released today.
In figures released by the National Bureau of Statistics today, the Chinese consumer price inflation rate was up to 6.5% over the year to August, an increase from 5.6% in the previous month, mainly driven by growth in the price of meats and pork.
The price of meat has seen a 49% increase over the last after disease and cullings led to a widespread pork shortage in the country that ranks top of the world’s leading pork consuming nations.
The inflation is seen as a by-product of the economy’s strong growth in recent years, which has seen it develop beyond the rate of any other country in the world, since it adopted free market economics.
The Chinese central bank has been engaged in a long running battle to tame inflation, and has raised interest rates four times over the course of this year to try to suppress consumer incomes and business growth, as well as to calm inflation.
Additionally, it has increased the bank cash reserve ratio which denotes the required amount of cash assets a bank must retain rather than loan, in a bid to suppress the inflationary pressures threatening the economy.
Political analysts have forecast that if food prices in particular continue to rise, there may be more than just an economic problem for the Chinese authorities. Food price inflation has been linked to civil unrest in the past, in particular in widespread public demonstrations.
The central bank will take today’s news as an indicator that rates are still not having an effect on inflation, and will likely raise the figure for a fifth time in order to try to calm the situation.
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