Food Price Increases Help Drive China Consumer Price Inflation To 3.3%

The CPI in China hit a new high this year at 3.3%, with floods and other factors contributing to the increase. Among the eight categories of CPI, food prices had a profound impact. Prices for agricultural products such as pork, garlic, leaf vegetables and grains increased the most. Discussion on increased interest rate has been ruled out by government officials as absurd and reports indicate that there may be hope for the CPI to decrease in later months since the increase in food price is short term. Still, authorities advise that people should stay vigilant in case of an increase.