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.

　　中国7月份通胀继续提速，消费价格同比上涨6.5%，涨幅高于6月份的6.4%，是自2008年6月份以来涨幅最大的一次。

　　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.

　　中国国家统计局周二发布的数据显示，波动较大、且政治上较为敏感的食品价格，是物价上涨的主因。7月份食品价格同比大涨14.8%，高于6月份时的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.

　　尽管通胀提速，但大多数经济学家认为，通胀已在7月份见顶，在今年剩余几个月内将逐渐回落。

　　“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”.

　　“今天数据中令人鼓舞的一点是：在上个月的大幅上涨之后，本月总体消费者物价指数(CPI)涨幅仅略有加大，”加拿大皇家银行(RBC)驻香港的经济学家布赖恩?杰克逊(Brian Jackson)说。“我们认为，通胀已接近见顶，随着基数效应开始发挥作用以及先前的政策措施生效，在今年后几个月中通胀将逐渐走低。”

　　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.

　　由于市场动荡以及全球经济增速大幅下滑的种种迹象，石油等主要大宗商品价格正不断走低。在中国国内，随着更多的猪肉投放市场，作为近几个月通胀主要推手的猪肉价格已开始趋于稳定。

　　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月份以来，中国政府已5次上调利率，9次上调银行存款准备金率。

　　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.

　　由于中国经济增长势头仍然良好，许多经济学家预计中国政府未来数月还将再度加息，但考虑到美欧债务危机引发了全球市场的恐慌，中国有可能维持现有利率水平，直到局势稳定下来。

　　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.

　　中国基准的上证综指继周一下跌3.8%之后，周二开盘跌逾2%，但收市时止跌回稳。继上周五标准普尔(Standard & Poor's)下调美国主权债务评级之后，全球股市加速大跌。