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China’s March inflation fastest since 2008; further tightening anticipated

Friday, April 15th 2011 - 05:31 UTC
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The world’s second largest economy expanded 9.7% in first quarter The world’s second largest economy expanded 9.7% in first quarter

Inflation in China accelerated in March to the fastest rate since 2008, despite government efforts to cool prices. Consumer prices rose by 5.4% in March compared with a year earlier, the National Bureau of Statistics said. In February, the annual figure was 4.9%.

Growth figures were also released. China's economy grew 9.7% between January and March from the same period a year earlier. It was faster than expected, but slower than 9.8% in the final quarter of 2010.

”The figures are higher than market expectation, especially the CPI (consumer prices index), which means the inflationary pressure is really big,“ said Nie Wen from Hwabao Trust in Shanghai. ”So I think the tightening measure will continue.“

Chinese inflation has been accelerating despite four interest rate rises since October.

This week, Prime Minister Wen Jiabao said that the government would use all the tools at its disposal to tackle inflation and get it under control.

”We will try every means to stabilise prices, the top priority of our economic controls this year and also our most pressing task,” Mr Wen said at a cabinet meeting.
 

Categories: Economy, International.

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