Money Matters - Simplified


Food prices in China up 11.7 percent

Beijing -- China said Saturday its consumer price index rose 5.1 percent on an annual basis in November with food prices climbing 11.7 percent.

Core prices, which exclude food, rose 1.9 percent from November to November, reported.

On Friday, the People's Bank of China raised its reserve requirement for banks 0.5 percent after customs officials said exports had increased 35 percent over the past 12 months and imports were up 38 percent.

Analysts expect the bank will take further steps to slow the economy and curb the inflationary trend. Last week, China said it would aim for a more "prudent" monetary policy next for 2011.

In contrast, the annual CPI is about 1.2 percent in the United States.

Google cries foul, sues DOI for favoring Microsoft

Google Inc. on Friday filed a lawsuit against the U.S. Department of the Interior (DOI) in the Court of Federal Claims, alleging that the agency unfairly considered Microsoft’s proposal to provide email software for agency's 88,000 employees.