SHANGHAI (TheStreet) -- China's inflation rose sharply in July as food prices jumped due to heavy flooding in the country.
The consumer price index rose 3.3% year-over-year in July, the National Bureau of Statistics of China said Wednesday. That's up from 2.9% in June but slightly expectations of a 3.4% increase.
Most of the increase was due to a sharp increase in food prices, which ballooned by 6.8%. Non-food prices rose by 1.6%, the report showed.
The report comes one day after
ballooned to an 18-month high of $28.7 billion in July as slowing economic growth hit imports.
-- Written by Robert Holmes in Boston
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