Inflation Continues Upward Trend
China's latest consumer price index rose to 7.1 per cent, according to figures published by the National Bureau of Statistics. This is the highest figure since 1997. The government continues to blame food costs for the unchecked inflation rate, particularly meat and egg prices which have increased by double digit levels during recent months. Energy and transportation are other sectors blamed for adding upward price pressures.
Chinese Trade Surplus Up 22 Per Cent
China's trade surplus in January increased 22.6 per cent year-on-year to USD19.49bn, according to the General Administration of Customs. Since May last year, China's trade surplus has risen above the USD20bn mark, and last December hit USD22.69bn. However, the export growth rate declined by 6.2 per cent in the first month of 2008, with goods and services worth USD109.66bn leaving the country.
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