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Food prices in China up 11.7 percent

Dec. 11, 2010 at 8:15 AM
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BEIJING, Dec. 11 (UPI) -- China said Saturday its consumer price index rose 5.1 percent on an annual basis in November with food prices climbing 11.7 percent.

Core prices, which exclude food, rose 1.9 percent from November to November, CNNMoney.com reported.

On Friday, the People's Bank of China raised its reserve requirement for banks 0.5 percent after customs officials said exports had increased 35 percent over the past 12 months and imports were up 38 percent.

Analysts expect the bank will take further steps to slow the economy and curb the inflationary trend. Last week, China said it would aim for a more "prudent" monetary policy next for 2011.

In contrast, the annual CPI is about 1.2 percent in the United States. Core prices in the United States are rising at an annual rate of 0.6 percent.

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