BEIJING, China – China’s inflation reached a 10-month high in February but remained under the government’s target.
Data released Saturday by China’s National Bureau of Statistics showed consumer prices rose 3.2 per cent in February, up from the previous month’s 2 per cent.
The spike came amid rising prices for meat products and fresh vegetables, as Chinese families stocked up for banquets to celebrate this year’s Lunar New year, which took place during February.
“Inflation pressures in China are quiescent but rising,” Moody’s Analytics said. “Price pressures will rise throughout 2013, although we expect them to remain close to the government’s target because of the measured pace of stimulus enacted.”
Beijing’s inflation target for the year, announced Tuesday by Premier Wen Jiabao, is 3.5 per cent.
National Bureau of Statistics (in Chinese): www.stats.gov.cn