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China inflation hits fresh high
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Posted on
Mar 11 2008 3:58 AM
by
Asif
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China's inflation hit 8.7% in February, the highest rate in over 11 years, the National Statistics Bureau said. Soaring food prices were driving inflation, up 23.3% in February against the previous year, the bureau said. It attributed the jump to snow storms last month that caused widespread disruption and to seasonal price rises over the Lunar New Year holiday. Analysts had predicted a rise of 8.0% but the figure, up from 7.1% in January, was higher than forecast. In recent months inflation has continued to rise despite higher interest rates and other measures by Beijing to keep the economy from overheating.
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