Zaiteku and China's January Inflation

Michael Pettis submits:

A large part of my newsletter earlier this week discussed emergent scandals in the railway industry and their implications for the overinvestment debate, and this was even before the Alibaba scandals broke, but I think a lot more interest this week surrounded the inflation numbers. Last week the National Bureau of Statistics released inflation data for the month of January:

In January 2011, consumer price index rose by 4.9 percent over the same period of the previous year. Of which, urban area and rural area was up by 4.8 percent and 5.2 percent respectively; the price of foodstuff, non-foodstuff, consumable and services expanded 10.3, 2.6, 5.0 and 4.6 percent respectively. Compared with December 2010, CPI increased 1.0 percent. The price of foodstuff climbed 2.8 percent.

The market expected a much higher inflation number, but there was a revision of the CPI basket, which brought down what would have been 5.1%


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