MW: China consumer price index soars 4.4% in October
By V. Phani Kumar
HONG KONG (MarketWatch) -- China's consumer price index soared 4.4% in October from the year-earlier period on a sharp increase in food prices, trouncing expectations of a 4% increase, according to official figures released Thursday. The CPI number compares with a 3.6% reading in September and strengthens concerns about further monetary tightening to clamp down on price pressures. The mainland's producer price index rose 5% during the month, also beating estimates for a 4.6% rise and higher than the 4.3% rise in September. Data released simultaneously also showed the nation's retail sales jumped 18.6% and industrial output increased 13.1% in October, while urban fixed asset investments rose 24.4% in the 10 months to October. Economists estimated retail sales would rise 18.8%, industrial production by 13.4% and January-October urban FAI by 24.4%.
