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Chinese inflation hits 6.5 percent, highest rate in nearly 11 years

Soaring food prices propelled the Chinese inflation rate to its highest point in nearly 11 years, cementing expectations that the central bank would defy a global trend and keep raising interest rates.

Consumer prices rose 6.5 percent in August from a year earlier after gaining 5.6 percent in July, the Chinese statistics bureau said Tuesday.

The central bank and economists fear that surging prices for food, particularly pork, will start rippling through the economy as people expect further price increases and demand higher wages.