China's Inflation Accelerates to 3.4 Percent, Adds Pressure to Raise Rates

(Bloomberg) -- Inflation in China, the world's
fastest-growing major economy, accelerated in May as pork prices
soared, increasing the likelihood that interest rates will be
raised.

Consumer prices gained 3.4 percent from a year earlier, the
National Bureau of Statistics said today. April's inflation rate
was 3 percent, matching the central bank's 2007 target. The
median estimate of 19 economists surveyed by Bloomberg News was
for a 3.3 percent increase.


Read more at Bloomberg Emerging Markets News