Costs are rising in China
The Chinese government said today that the nation’s consumers continue to pay the price for economic prosperity, in the form of inflation for pork, alcohol, traditional medicine and other products, CNNMoney reported.
The cost of living kept rising in China last month, especially for food prices, the National Bureau of Statistics of Chinca said. The national consumer price level rose 3.6 percent in March, year-over-year, including a 7.5 percent spike in food.
The price of pork, a staple in Chinese cuisine, rose 11.3 percent year-over-year, while the price of fresh vegetables soared 20.5 percent.
The price of alcohol rose 8.3 percent year-over-year.
The price of Chinese herbal medicines jumped 8.5 percent year-over-year, compared with a slight slump of 0.1 percent in the price of Western medicine.
Though inflation poses challenges for consumers, it is the byproduct of one of the most robust economies in the world, CNNMoney said. Chinese gross domestic product surged 9.2 percent last year, compared with an increase of 1.7 percent in the U.S.
The Chinese economy is slowing down from its frenetic activity, particularly in the area of industrial manufacturing, CNNMoney said.