Chinese inflation accelerated in July as consumer prices rose 6.5 per cent from a year earlier, up from 6.4 percent in June and the fastest increase since June 2008.

　　中國7月份通脹繼續提速，消費價格同比上漲6.5%，漲幅高于6月份的6.4%，是自2008年6月份以來漲幅最大的一次。

　　The price rise was driven mostly by volatile and politically sensitive food prices, which soared 14.8 percent in July from a year earlier, up from a 14.4 percent annual increase in June, according to data released by China’s National Bureau of Statistics on Tuesday.

　　中國國家統計局周二發布的數據顯示，波動較大、且政治上較為敏感的食品價格，是物價上漲的主因。7月份食品價格同比大漲14.8%，高于6月份時的14.4%。

　　But despite the acceleration most economists expect inflation to have peaked in July and to gradually moderate from now until the end of the year.

　　盡管通脹提速，但大多數經濟學家認為，通脹已在7月份見頂，在今年剩余幾個月內將逐漸回落。

　　“The encouraging thing about today’s data are that headline CPI inflation is up only slightly this month after a big jump higher last month,” said Brian Jackson, an analyst at Royal Bank of Canada in Hong Kong. “We think inflation is close to a peak and will head lower later in the year as base effects turn favourable and the impact of previous policy measures kicks in”.

　　“今天數據中令人鼓舞的一點是：在上個月的大幅上漲之后，本月總體消費者物價指數(CPI)漲幅僅略有加大，”加拿大皇家銀行(RBC)駐香港的經濟學家布賴恩?杰克遜(Brian Jackson)說。“我們認為，通脹已接近見頂，隨著基數效應開始發揮作用以及先前的政策措施生效，在今年后幾個月中通脹將逐漸走低。”

　　Prices of key commodities like oil are falling amid market turmoil and signs of slumping global growth Within China, pork prices, a main driver of inflation in recent months, have started to stabilise as more pigs come to market.

　　由于市場動蕩以及全球經濟增速大幅下滑的種種跡象，石油等主要大宗商品價格正不斷走低。在中國國內，隨著更多的豬肉投放市場，作為近幾個月通脹主要推手的豬肉價格已開始趨于穩定。

　　Since last October, Beijing has raised interest rates five times and lifted the amount banks must hold in reserve with the central bank nine times.

　　去年10月份以來，中國政府已5次上調利率，9次上調銀行存款準備金率。

　　With growth still holding up well many economists expect Beijing to raise interest rates once more in the coming months but, with global markets spooked by debt crises in the US and Europe, rates are likely to remain on hold until the situation stabilises.

　　由于中國經濟增長勢頭仍然良好，許多經濟學家預計中國政府未來數月還將再度加息，但考慮到美歐債務危機引發了全球市場的恐慌，中國有可能維持現有利率水平，直到局勢穩定下來。

　　China’s benchmark Shanghai Composite Index opened down more than 2 percent on Tuesday after falling 3.8 percent on Monday, joining the global rout that accelerated following a downgrade in America’s sovereign debt rating by Standard & Poor’s on Friday.

　　中國基準的上證綜指繼周一下跌3.8%之后，周二開盤跌逾2%，但收市時止跌回穩。繼上周五標準普爾(Standard & Poor's)下調美國主權債務評級之后，全球股市加速大跌。