CHINA
Inflation Rate Inches Upward: China’s inflation rate rose to 21.4% in July from 20% in June, according to retail price index figures from the State Statistics Bureau, the official China Daily reported. The newspaper said officials blamed the rising prices on sharply increased investment in fixed assets such as plant and equipment by state-owned enterprises. Investment in fixed assets rose 72.9% in the year to July, compared to 43.5% in the year to June. China is seeking to reduce its inflation rate to 13% by the end of the year.
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