China’s consumer price index (CPI) for February increased 8.7% over the same period a year ago, marking a 12-year high for inflation, state media reported. The increase was higher than the 8.3% rise expected before the National Bureau of Statistics released the official figures. The CPI went up 8.5% in cities and 9.2% in China’s rural areas. Inflation continues to be driven mainly by food prices, which rose 23.3% in February, with pork prices increasing by 63.4% and cooking oil rising by 41%.
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