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August 17, 2016

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Shanghai’s CPI speeds up to 3.4%

By Leng Cheng | August 17, 2016, Wednesday | Print Edition

SHANGHAI’S consumer price inflation accelerated to 3.4 percent in July, nearly doubled the 1.8 percent rise reported for China, the city government said yesterday.

The consumer price index rose 0.2 point from June, the Shanghai Statistics Bureau said, with food costs, which account for nearly a third of the CPI basket, adding 2.9 percent in July.

Shanghai has one of the highest inflation rates among China’s 36 middle and big cities during January to July, the National Development and Reform Commission said in a media briefing yesterday.

China’s CPI fell for a third consecutive month in July and has remained below the official target of around 3 percent in 2016, despite concerns that disruption to public infrastructure and agricultural production caused by the massive floods would increase inflationary pressure.

Other data released showed that 15.34 million square meters of new homes were sold in Shanghai between January and July, up 22 percent from the same period a year earlier. The growth rate of new home sales sped up from 18.3 percent during the January-June period.

Shanghai’s fixed asset investment rose 6.7 percent to 337.49 billion yuan (US$50.9 billion) in the first seven months. Investment in real estate development took up nearly two-third of the total, while industrial investment posted a negative growth of 1 percent, according to the bureau.

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