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ollie plimsolls

Chinese Inflation At Two-year High

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The Times

Surging food prices in China sent the headline inflation rate in the powerhouse Asian economy soaring last month to its highest for more than two years, official figures showed yesterday.

The latest jump in Chinese inflation, to an annual rate of 3.4 per cent in May, up from 3 per cent in April to the highest for 27 months, reinforced economists’ expectations that the country’s central bank would raise interest rates again soon.

Fears of higher interest rates sparked by the inflation data triggered another sharp fall in the volatile Shanghai stock market in morning trading. However, share prices quickly rebounded to close 1.9 per cent higher – and more than 10 per cent up from Monday of last week.

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