China Makes New Anti-Inflation Move – Joe McDonald

From AP:

’s cabinet on Monday sharply increased penalties for -fixing, expanding an anti- campaign that has failed to cool a surge in politically sensitive costs.

Food costs soared by 18.2 percent in November, pushing the overall monthly inflation rate to 6.9 percent, its highest level in 11 years.

Companies that hoard goods or try to fix can be fined up to 1 million , or $130,000, up to 10 times the previous penalty, the cabinet said on its Web site.

The increased penalties are meant to “strike (at) the activities of up prices through hoarding or cheating,” the government’s Xinhua News Agency said. [Full Text]

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