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China's inflation rate eases as economy cools
Published in Saudi Press Agency on 09 - 09 - 2011

China's inflation rate retreated from a three-year high in August as food price increases moderated, suggesting Beijing may be able to hold off on further monetary tightening as it copes with a slowing global economy, AP reported.
Consumer prices in the world's second-largest economy rose 6.2 percent over a year earlier, cooling from 6.5 percent in July, the National Statistics Bureau said Friday.
It said industrial production also slowed in August, rising 13.5 percent from the year before, compared with a 14 percent increase in July.
While inflation is still way above the government's 4 percent target for the year, the latest figures suggest that repeated interest rate hikes and other curbs meant to chill the overheated economy are taking hold. That could allow China's leaders greater leeway for policies aimed at keeping economic growth on track, as the U.S. and European outlook worsens.
Less pressure from inflation "would remove a significant barrier to further policy stimulus in the event of a slump in global demand," said Mark Williams, of Capital Economics, in a report.
Food prices, which comprise a large share of the consumer price index, climbed 13.4 percent, down from 14.8 percent in July. A 29.3 percent surge in prices for meat and poultry and 12.2 percent increase for staple grains, though, kept food price increases relatively strong.
Many Chinese are stretching to make ends meet.
Added to surging food prices are increases in non-food inflation, which rose to 3 percent in August. Among the highest increases was a 14.9 percent climb in costs for diesel and gas.
While visiting China earlier this week, World Bank President Robert Zoellick cautioned that inflation remains the country's key policy concern, echoing similar statements by Premier Wen Jiabao.
Surging prices also complicate Beijing's efforts to promote retail spending and other domestic consumption and reduce reliance on exports and investment. Spending on new factories and other investments has accounted for more than 40 percent of China's output over the past decade - several times that of the United States, Japan and other major economies.
Such spending rose 25 percent in January-August to 18.06 trillion yuan ($2.8 trillion), the statistics bureau reported. Lavish investments by local governments, which rose 28 percent so far this year to 17 trillion yuan ($2.7 trillion) is driving concern over the potential for a debt crisis given the likelihood of low returns on that spending, often on showcase construction projects.
Retail spending in August remained robust, climbing 17 percent to 1.5 trillion yuan ($234.4 billion), just slightly below the figure for July.
-- SPA


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