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"Only the Beginning" China's inflation edges up, driven by food costs BEIJING – China's inflation edged higher in August as the nation's worst flooding in a decade drove an increase in food costs and industrial growth continued to quicken. Consumer prices rose 3.5 percent in August compared with a year earlier, the National Bureau of Statistics announced Saturday. It was the highest level in 22 months and a small increase over July's 3.3 percent. Much of the increase was fueled by a jump in food prices, which rose by 7.5 percent because summer storms and floods ruined crops and disrupted shipping. Overall, the country's Consumer Price Index, increased 2.8 percent year-on-year in the first eight months of 2010, said Sheng Laiyun, the NBS spokesman. The Chinese government had set a target of trying to keep inflation within 3 percent for the year. Sheng downplayed concerns about rising inflation, saying: "There are factors fueling price rises, but I think there are even more factors reducing prices." Industrial growth accelerated slightly to 13.9 percent year-on-year in August from July's 13.4 percent increase as China's recovery continues. "For the past three months, it has fluctated between 13 percent to 14 percent so it's obvious that industrial operations have shifted from fast growth to stable growth now," Sheng said. All 39 industries saw year-on-year growth in August, with textiles up 11.6 percent; chemical materials and products up 12.9 percent; general equipment manufacturing up 20.1 percent, and transportation equipment manufacturing up 16.6 percent, Sheng said. Analysts expect inflation will remain in check, with the food price spike expected to have only a temporary effect. Overall, China will continue to see a modest slowing in industrial growth by year's end. "On closer examination, underlying inflation remains subdued, and in the details the growth data points to a continued slowdown in the months ahead," said Tom Orlik, an analyst in Beijing for Stone & McCarthy Research Associates. "We see little in the August data to change the narrative of slowing growth and fading inflation in the final months of the year, or to spark a policy response from the government China's power generation in August rose 12.6 percent from a year earlier to 390.3 billion kilowatt-hours, Sheng added. Meanwhile, retail sales of consumer goods hit 1.257 billion yuan ($185 million) in August, marking an 18.4 percent rise year on year. Sheng said the increase in consumption in August was mainly attributed to better-than-expected auto sales. Investment in factories and other fixed assets also increased, reaching 14.1 trillion yuan ($2.1 billion) in the first eight months this year, a year-on-year increase of 24.8 percent. By TINI TRAN ( end story) ___________________________________________________________ the grab for money via exports, and factory building, will continue to take its toll, because 1.3+ billion people still have to 'eat", and the more money they make the more they want to eat, and the more food they waste, the more affluent they become. Stripping away farmers land, seizing it, and turning it into factories, may spin well for those who only see export profits, and industrial growth. but they as many nations, forgot about , food production, they forget about clean water, and they forget about how they contaminate the atmosphere and the soil, and how they deplete the land all for the sake of "industry". Indicators continue to point to the raw fact, but the fact are ignored as the circle of wealth at the top, have little concern for these matters, because they can afford to import what they want. but the mass of 100's of millions of people, in cramped conditions, some in dire improvised conditions and others caught in the machine of industry as captured people on 'concentration like work groups", contained on factory grounds, and others laboring in sweat shops all trying to survive, and more and more wanting to leave the rual areas, with hope the city will save them, only to find they can't afford to eat, and some can't afford the travel back to what use to be their farm village, because it is no longer able to grow anything, or get the labor to do the farm work. As with all things, the details within, tell more than the surface skimmers care to think about, nor do they engage to talk about or and many certainly do not give indepth concerns to care about. Even still reality unfolds what is its own truth, regardless what people ignore and what they deny. and such things, come to bear heavy on the "good time, I got everything mentality, when truth knocks with resounding impact. |
