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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (19529)	12/12/2003 2:44:48 AM
From: KyrosL	Read Replies (1) \| Respond to of 793739

Wal Mart China reports surprising 3 pct inflation for Nov biz.yahoo.com Reuters UPDATE - China reports surprising 3 pct inflation for Nov Thursday December 11, 8:31 pm ET (Adds details, background) BEIJING, Dec 12 (Reuters) - China's benchmark consumer price index rose three percent in November from a year earlier, the fastest pace in more than six and half years, due to surging food prices, the government said on Friday. The November price rise was the fastest monthly rate since April 1997, when CPI rose 3.2 percent year on year. CPI, which covers a basket of goods and services from grain to health care, was up one percent year on year in the first 11 months of this year, the State Statistical Bureau said in a statement. The inflation, which analysts said was surprising but still mild, was fuelled by surging prices of grain, vegetables and other food items. In November, food prices rose 8.1 percent from a year earlier, the bureau said. Grain prices jumped 10.8 percent, vegetable prices surged 19.4 percent and edible oil prices soared 27.2 percent. Prices of transportation equipment, a category that includes cars and other vehicles, fell 4.6 percent in November, it said. China's auto output, driven by hefty foreign investment, has soared this year and last, leading to growing competition. Costs of services rose 2.2 percent in November from a year earlier, the bureau said. Among service items, prices for medical care services rose 8.1 percent in November from a year earlier, while telecoms service costs fell 0.7 percent year on year, it said. The price index rose a year-on-year 1.8 percent in October and 0.8 percent in the first 10 months. A general rise in prices reappeared in China in January -- a welcome development after deflationary pressures plagued the economy for several years. But rising prices also fuel concerns about economic overheating caused largely by sizzling investment growth. Helping drive food price rises have been weather-induced shortages of vegetables in areas hit by heavy rains and dwindling government grain stocks which have depressed volumes of animal feed, Chinese vendors say. The government has been auctioning off grain stocks -- which include everything from wheat to corn -- to get rid of old stocks and prepare for rising imports following the country's entry to the World Trade Organisation.