Inflation risks are expanding globally as the Consumer Price
Index (CPI) surged dramatically in many countries, including
Russia, India and Brazil, in addition to China, the National
Development and Reform Commission (NDRC) reported recently.
According to the report, several countries, including Russia,
South Africa and India, experienced an increase in their CPI above
five percent this September and October. The index in China grew
6.5 percent in October, making its inflation the eighth biggest in
the world. The rate in Brazil declined slightly from 4.1 percent in
September to 3.3 percent in October.
Although the inflation rates rose at a slower pace in the
developed countries, they showed no trends to decline, the report
said. The index was up 3.5 percent in the United States in October
and 2.6 percent in European Union, 0.6 percent higher than European
Central Bank's estimate.
Successive economic growth, liquidity surplus and the
depreciation of US dollars have all spurred global inflation, the
NDRC said in its report. Additionally, consumer prices have swelled
due to a supply decline in agricultural countries, oil controls
from the Organization of the Petroleum Exporting Countries (OPEC),
global fund speculations and surging demands for biological fuels.
The NDRC also said that the year 2007 has witnessed consecutive
price surging in oil, iron ore and agricultural products.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000002/20071205/020000062136.shtml)
(China.org.cn December 5, 2007)
