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China inflation to bounce above 2%

(Xinhua)

13:34, September 01, 2012

BEIJING - The growth of China's consumer price index, a major gauge of inflation, is expected to rebound above 2 percent in August and may limit the government's room for policy easing, analysts said.

The likely rebound in inflation would be mainly driven up by an increase in domestic food and fuel prices, said Tang Jianwei, a senior macroeconomic analyst at the Bank of Communications.

"The CPI growth looks certain to rebound to around 2.3 percent this month," Tang said.

China's domestic food prices have currently returned to the highest level of this year as a result of extreme weather as well as the rise in international grain prices, different sets of data from the ministries of agriculture and commerce have revealed.

As food prices account for about one-third in China's weighting of CPI calculations, the rally in pork prices over the past several weeks will help lift the August CPI growth from a 30-month low of 1.8 percent in July.

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