Chinese inflation climbed to a 10-year high of 5.6% in July, led by a sharp increase in food prices.<\/p>\n
July’s annual inflation rate was the highest since February 1997, and was up from June’s rate of 4.4%.<\/p>\n
The latest inflation data is likely to mean more Chinese interest rate rises. Rates have already risen three times in the past six months.<\/p>\n
The increase in the price of food is politically sensitive for the Chinese government, as it hits the poorest levels of society the hardest.<\/p>\n
Beijing has already pledged to hand pig farmers free vaccines for their animals after a recent outbreak of disease reduced the supplies of pork reaching the marketplace, leading to upward price hikes.<\/p>\n
Chinese authorities have also ordered investigations into whether farmers or food companies are colluding to push up prices.<\/p>\n
Chinese inflation is also being fuelled by the country’s economic boom that saw the economy expand at a breakneck 11.9% from a year earlier in the April-to-June quarter.<\/p>\n
However, the main Chinese statistics bureau stressed that the price of other commodities such as clothing and other non-food items was up by only 0.9% in July from a year earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese inflation climbed to a 10-year high of 5.6% in July, led by a sharp increase in food prices. July’s<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[12],"tags":[],"class_list":["post-138","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=138"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/138\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}