China's consumer prices grow 5.3 pct in April

By Kim Young-gyo
HONG KONG, May 11 (Yonhap) -- China's consumer prices rose 5.3 percent in April from a year earlier, growing more than 5 percent for a second straight month amid high inflationary pressure, government data showed Wednesday.
Last month's growth in the consumer price index (CPI) was down from a 5.4 percent gain in March, China's National Bureau of Statistics said, indicating the world's No. 2 economy still faces high inflationary pressure.
April's consumer inflation rate was in line with a market estimate of above 5 percent.
Many analysts expected that China will continue to see upward pressure in consumer prices as global commodities prices keep rising largely due to the weak U.S. dollar and unstable political situations in the Middle East.
Food prices led the overall CPI growth, jumping 11.5 percent compared to the same month a year earlier, while housing prices and consumer goods prices rose 6.1 percent and 5.9 percent, respectively.
China's retail sales surged 17.1 percent from a year earlier to 1.36 trillion yuan (US$209 billion) in April.
The Chinese government is expected to continue to maintain its tightening measures, putting its top policy priority on reining in runaway inflation.
The People's Bank of China, the central bank, last month raised the benchmark interest rate for the second time this year and the deposit reserve requirement ratio for its major banks for the fourth time this year.
ygkim@yna.co.kr