Consumer prices rose sharply in October, equaling a decade-high monthly consumer price index (CPI) of 6.5 percent, the government reported yesterday, adding to pressure for measures to cool a surge in food prices. The figure was the same as the previous 11-year monthly record set in August, after the CPI eased slightly in September. The increase in the key inflation gauge puts further pressure on the central bank to impose more stringent measures to cool the economy, analysts said. Analysts said the rebound of the October CPI was largely due to higher pork and food prices. Food prices jumped 17.6 percent in October over the same month a year ago, while the price of pork, a staple in China, soared 54.9 percent, according to the National Bureau of Statistics. The overall October inflation rate was higher than the 6.2 percent in September and matched August's 6.5 percent, the highest in 11 years. Inflation has jumped because of double-digit increases in food prices attributed to shortages of pork and other items. Inflation for nonfood items in October was just 1.1 percent, the statistics bureau said. The Chinese Government froze prices of cooking oil and other basics in September, and is pressing farmers to raise more pigs, promising aid. Economists say price pressure should ease when a new grain crop is harvested and more pigs come to market. Regulators raised prices for diesel and gasoline by 10 percent Nov. 1 in an effort to curb demand amid a fuel shortage. (SD-Agencies)
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