China's Inflation Rate Surges

China's rapidly growing economy has caused inflation rates to soar over the past year. It is reported that consumer prices have increased by 7 percent. Recent snowstorms and the decrease of exports to the United States have attributed to this inflation. The snowstorms earlier this month destroyed crops and disrupted food supplies causing the prices of vegetables to increase by 5.2 percent, while pork and beef prices soared. Food and fuel prices have seen the most dramatic increases over the past year. The Chinese government said that it will maintain its focus on growth, even in light of the recent inflation. The 11.2 percent of economic growth during this time was the highest in 13 years. The World Bank expects this number to decrease slightly in the upcoming year. For more information go to http://www.bloomberg.com/apps/news?pid=20601080&sid=aS6G_z42drbk&refer=asia