This is simply stunning. A quick parsing of the data released every ten days by the National Bureau Of Statistics of China indicates that the average price of food in 50 cities in the January 21-31 period has increased by 4.6% compared to the prior 10 day period (and 416% annualized)!
Granted, this is a simple average calculation of the 29 food items tracked without any weighing, although a quick glance at the components confirms that tonight's Chinese CPI will likely be a doozy. Some of the key changes: cucumbers up 28.2% in ten days, kidney beans up 21.9%, rapes [no pun] up 14.5%, tomatoes up 12.9%, hair tails up 4.7%, bananas up 3.6%, chickens up 3.1%. And this, again, is in the past 10 days! But not all is lost: Soybean oil actually dropped by 0.1%.
Time for China to release an adjusted adjusted CPI which excludes all foodstuffs except for Soybean oil (and remember, in China, food is 31.4% of CPI)... which actually is exactly what is about to happen.
http://www.zerohedge.com/article/according-its-national-bureau-statistics-chinese-food-prices-have-increased-46-ten-days
INFLATION ALERT: Now Consumers Are Being Warned Of A Massive Hike In Clothing Prices
Read more: http://www.businessinsider.com/inflation-alert-clothing-prices-to-surge-10-in-the-next-few-months-2011-2#ixzz1E0zBwLLK
http://www.businessinsider.com/inflation-alert-clothing-prices-to-surge-10-in-the-next-few-months-2011-2
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