By JOE McDONALD, AP Business Writer
BEIJING – Soaring food costs drove China‘s inflation to its highest level in nearly 12 years in February, according to data reported Tuesday, raising the risk of unrest as communist leaders prepare for the Beijing Olympics.
Chinese workers eat a meal in Beijing, Tuesday, March 11, 2008. China’s inflation rate jumped to a new decade high of 8.7 percent in February as food costs soared after winter storms wrecked crops and disrupted shipping, the government said Tuesday.
(AP Photo/Ng Han Guan)
(AP Photo/Ng Han Guan)
The 8.7 percent rise in the consumer price index over last February exceeded forecasts and raised the likelihood of interest rate hikes or emergency steps by Chinese leaders, who already have imposed price controls on food.
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