China inflation edges lower in April

Consumer prices inflation in China eased to 5.3% in April, down from a three-year high of 5.4% recorded the previous month.

China's premier Wen Jiabao said cooling growth is a top priority after identifying rising food, fuel and housing prices are a serious social and political problem, the BBC reports. Food price rises, the main driver of overall inflation, have dropped from 11.7% but remain stubbornly high at 11.2%. Since October, Beijing has acted to try and combat inflation. China's central bank has raised the cost of borrowing four times over the period, and has instructed banks to hold more cash, rather than lend it out, in an effort to dampen rising prices. Tensions have mounted in the region, wi...