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Inflation at 10-month high in China

March 9, 2013 at 4:29 PM   |   Comments

BEIJING, March 9 (UPI) -- China's annual inflation rate hit a 10-month high of 3.2 percent in February, pushed by rising food costs in the world's most populous nation, economists said.

China's National Bureau of Statistics said food costs were up 6 percent in February compared to the same month last year.

February is one of the costliest months for commodities purchases because it is China's festival season and extra food is in high demand.

Food costs are a key driver of the nation's Consumer Price Index, which rose by almost 2 percent in February.

The increased food costs and inflation are expected to wane some in the warmer summer months, when harvests will bring supply more in line with demand, economists told China's state-run Xinhua News Agency Saturday.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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