China sees consumer price inflation upsurge over rising food costsApril 12, 2016 - 12:26 AMT PanARMENIAN.Net - Food prices in China surged 7.6 percent in March driving consumer prices up 2.3 percent from a year earlier, RT said citing a report from China’s National Bureau of Statistics (NBS). It’s the second month in a row consumer prices have risen by so much. Non-food prices were up one percent last month. The producer price index (PPI) which measures wholesale inflation fell 4.3 percent in March, narrowing from a 4.9 percent drop in February and 5.3 percent drop in January. Producer prices climbed 0.5 percent last month after more than two years of deflation. NBS statistician Yu Qiumei attributed the inflation to high vegetable and pork prices. Pork prices rose sharply by 28.4 percent year on year, while vegetable prices skyrocketed by 35.8 percent. Food prices remained relatively high after the Lunar New Year holiday. In a quarterly survey by the Chinese central bank, 52.7 percent of consumers said prices were “too high and unacceptable.” "While the rising property and food prices could send some shocks to the consumer price index inflation in the coming month, we believe that it is too early to worry about the inflation problem in China," Zhou Hao, an economist at Commerzbank AG in Singapore, told Bloomberg. "From Chinese authorities’ perspective, it is far more important to get rid of deflation." Beijing has set a goal this year of keeping consumer inflation below three percent, the same as last year. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |