China sees a 17 month low of inflation
Beijing,
Nov
12:
China's
inflation
rate
hit
a
17-month
low
of
4.0
per
cent
in
Oct,
down
from
4.6
per
cent
the
previous
month,
the
government
said
on
Tuesday,
Nov
11.
The
figure
is
the
lowest
since
May
last
year,
confirming
a
trend
for
weakening
inflation
in
the
world's
fourth-largest
economy,
as
growth
creation
becomes
more
of
a
policy
concern.
The
consumer
price
data
from
the
National
Bureau
of
Statistics
were
released
a
day
after
China
announced
that
wholesale
prices
--
another
inflation
gauge
--
eased
to
6.6
per
cent
in
Oct,
down
from
9.1
per
cent
in
Sep.
Food prices, the main factor in driving up consumer prices in China recently, rose by 8.5 per cent in October, down from 9.7 per cent in Sep, according to the bureau.
China started out 2008 with inflation control at the top of its list of priorities, but with the trade surplus likely to shrink this year, economic growth has become the dominant policy objective in Beijing.
China unveiled a 586-billion-dollar stimulus package this week, in the strongest indication yet that the government is concerned about the impact the global crisis has on domestic growth.
In the first 10 months of the year, China's consumer price index increased 6.7 per cent from the same period last year.
OneIndia
News