By FxNewsChina
The Chinese economy continued to roar full speed ahead in October as retail sales advanced and inflation increased to a 25-month high. Chinese retail sales advanced in October by an annual increase of 18.6 percent over the October 2009 level to a total of 1428.5 billion yuan, according to the latest data by the National Bureau of Statistics. October’s pace was slightly off that of September which recorded an 18.8 percent rise in retail sales and just below market forecasts that were expecting a rise of 18.8 percent.
Data for the first 10 months of 2010 showed that retail sales increased at a pace of 18.3 percent to a total of 12,531.3 billion yuan.
The consumer price index (CPI), a main gauge of inflation, rose by 0.8 percent in October from September to an annual increase of 4.4 percent above the October 2009 level. The data follows an annual increase of 3.6 percent in September and surpassed market forecasters that were expecting the CPI to rise by 4.0 percent. Pushing the consumer price index higher was an increase in food prices by 10.1 percent while other prices increased by 1.6 percent.
Chinese producer prices for manufactured goods also increased in October by 0.7 percent from September. This brought the annual rate of increase for October to 5.0 percent above the October 2009 level following an annual increase of 4.3% in September. Market forecasts were looking for a 4.5 percent advancement.
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