BEIJING - Chinese inflation accelerated slightly to 3.2 per cent in October led by higher food prices, the National Bureau of Statistics (NBS) said Saturday. The rise from the same month last year in the consumer price index (CPI), a main gauge of inflation, was a marginal increase from the 3.1 per cent recorded in September and marks an eight-month high.
A gain in food prices, which were 6.5 per cent higher than the year before, was the main driver for October inflation, NBS data showed. Inflation for the first 10 months of the year through October came in at 2.6 per cent, well below the government’s full-year target of 3.5 per cent. The data came ahead of the release later Saturday of industrial production, retail sales and fixed asset investment figures for October. On Friday, the General Administration of Customs announced that China’s exports grew 5.6 per cent year-on-year in October to $185.4 billion, reversing a 0.3-per cent fall in September, and adding to recent signs the country’s economy is picking up.