China's Inflation May Quicken, Central Bank Says (Update3)
By Zhang Dingmin and Nipa Piboontanasawat
Aug. 8 (Bloomberg) -- China's central bank said consumer- price gains may accelerate on food and labor costs, fueling speculation that it's five days away from announcing the highest inflation in 10 years.
Price increases aren't solely the result of ``temporary factors,'' the People's Bank of China said in a second-quarter monetary policy report today on its Web site. The risk of the economy overheating has increased, it said.
``This is clearly to prepare the market for the awful inflation number next week,'' said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong.
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