“Surging food prices are starting to panic consumers in China – and sounding alarm gongs among the country’s top leaders.” From The Australian:
Three people were crushed to death in the southwestern city of Chongqing at the weekend as they rushed to buy discounted cooking oil.
Yesterday, the National Bureau of Statistics announced food prices in October were 17.6 per cent higher than in the same month last year.
The cost of vegetables was up 29.9 per cent, pork 54.9 per cent, and food oil 34 per cent.
The Consumer Price Index overall for the 12 months to October climbed by 6.5 per cent and prices are set to keep rising, with the Government last week conceding a 10 per cent increase in the price of petrol and diesel.
It was the soaring price for food oil that prompted the tragedy in Chongqing, which has resounded around the nation. [Full Text]
Read also “China staggers under soaring grocery bills” from the Globe and Mail.
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