China’s inflation rate in August may exceed July’s 10-year high of 5.6% because of food price hikes, the China Economic Net reported, citing Bi Jingquan, deputy director of the National Development and Reform Commission, who did not give a specific figure. “China is not facing a ‘serious inflation threat’ because price hikes were mostly related to food,” Bi said. “Actions to stabilize pork prices may not work sufficiently to check inflation below 3% in the short term.” Bi said pork prices were unlikely to stabilize until may of next year when fresh supplies hit the market. He also warned the economy does face a risk of overheating, which is likely to prompt another interest rate rise for the fifth time this year. The exact inflation rate for August will be released on September 11.