Chinese inflation surged to 4.4 per cent in October, well above the government’s target of 3 per cent and increasing pressure on the authorities to introduce new tightening measures.
Amid intense global debate about the impact of the US Federal Reserve’s new quantitative easing on inflation around the world, the Chinese government said domestic consumer price inflation had risen from 3.6 per cent the month before to the highest level in two years.
Although inflation in China has been inching up for some months, the big jump in October surprised many economists and raised the chances of more hikes in interest rates this year to follow the increase announced last month.
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