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March 11, 2008 - Forex Economic News
China inflation surges, up to 11 year high in February.
China's rate of inflation reached its highest in 11 years according to a report by China’s National Bureau of Statistics. Inflation in February jumped to an annual rate of 8.7 percent in February compared with January's annual rate of 7.1 percent and reaching the highest level in 11 years. Food prices helped spur the rise in inflation as major winter storms hurt food production and slowed shipping deliveries. Food prices were up 23.3 percent from February 2007. Inflation data may force China to raise interest rate again after raising rates 6 times last year. China's one-year lending rate is at 7.47 percent with their deposit rate at 4.14 percent. The one-year lending rate is at a 9 year high.
China, interest rate, inflation, China's National Bureau of Statistics
