Business News

China's monthly inflation hits new high of 6.9 per cent

Dec 11, 2007, 3:10 GMT

Beijing - China's consumer price index soared by 6.9 per cent in November, with continuing rises in oil and food prices pushing it to the highest rate for more than a decade, the government said on Tuesday. Food prices rose by 18.2 per cent in November, marginally higher than the October rate, and keeps annual inflation on track for its highest rise since 1997, the National Bureau of Statistics said. The new figures put annual consumer price inflation at 4.6 per cent in the first 11 months of this year, the bureau said. Chinese leaders last week said they would take tougher measures to curb inflation and overheating, amid signs that current policies have failed to slow the country's rampant economic growth. On Saturday, the government announced another rise in the reserve ratio for state banks in a bid to curb lending. The government has set its primary task for next year as preventing overheating and avoiding a 'shift from structural price rises to evident inflation.' It plans to spend more on social security, health care, education, housing and allowances for people on low incomes next year, state media said. China said its estimated gross domestic product (GDP) soared by 11.5 per cent in the third quarter, providing more evidence that current measures to slow growth might not be enough. It followed 11.9-per-cent GDP growth in the second quarter, the highest rate in 12 years. © 2007 dpa - Deutsche Presse-Agentur

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