China's monthly inflation climbs to 5.5 per cent

The year-on-year rise of 5.5 per cent in the monthly consumer price index is expected to add pressure on the government to take more measures to stabilize rising food prices, which rose 11.7 per cent over the past year.

The monthly producer price index, which tracks inflation in wholesale prices, also jumped by 6.8 per cent year-on-year in May, the National Bureau of Statistics said.

The government set a target of 4 per cent for annual inflation but consumer prices have risen by more than 5 per cent for the past three months.

Inflation has persisted despite four interest rate hikes since October and several increases in banks\' reserve requirement ratio.

The Chinese government has set a broad target for economic growth of 8 per cent this year while the World Bank has forecast 9.3-per-cent growth.

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Source: http://www.monstersandcritics.com/news/business/news/article_1645336.php/China-s-monthly-inflation-climbs-to-5-5-per-cent

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