The People's Bank of China on Tuesday raised interest rate for the third time since October, extending its efforts to curb inflation.
The benchmark one-year lending rate will increase to 6.06% from 5.81% and the one-year deposit rate will increase to 3% from 2.75%, effective from Wednesday.
Consumer prices rose 4.6% annually in December after rising 5.1% in November. However, rising food prices underlines that inflation is set to accelerate further.
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