BEIJING, Aug. 13 (UPI) -- China said Monday consumer price inflation, driven by rising food prices, hit a 10-year high in July, which may bring a fourth interest rate jump this year.
The National Bureau of Statistics reported the CPI grew 5.6 percent in July on the heels of a 4.4 percent jump the previous month. The index for the first six months of this year is 3.2 percent, or higher than the official target of 3 percent, China Daily reported.
The Producer Product Index, which is a measure of inflation at the wholesale level, on the other hand, fell to 2.4 percent in July from 2.5 percent in June.
The CPI report said July’s food prices shot up 15.4 percent, while non-food items rose only 0.9 percent.
China’s central bank, which has already raised interest rates three times this year to 3.33 percent currently, last week noted the inflation risks, vowing to further action if needed.
