Shanghai records steep rise in inflation
Print Edition
CONSUMER price inflation in Shanghai accelerated to 2.6 percent in July, the government announced yesterday.
The consumer price index rose 0.2 points from June, easily surpassing the 1.6 percent rise reported for the country as a whole, the Shanghai Statistics Bureau said.
Food costs, which account for nearly a third of the CPI basket, rose 3.5 percent in July, faster than the 2.6 percent gain a month earlier and fueled by a 7 percent jump in meat prices.
“The hike in food prices was seasonal and in line with the national trend,” said Tang Huihao, the bureau’s chief economist.
A nationwide, 16.7 percent increase in pork prices added half a percentage point to July’s CPI for the whole of China.
The 1.6 percent year-on-year increase was the largest in nine months.
“Overall, however, inflation is tame and the July increases are unlikely to affect the government’s relaxed monetary policy stance,” said Joyce Liu, an analyst with China International Capital Corp.
Both the central and Shanghai governments have set a target to keep inflation under 3 percent this year.
In the first seven months, the CPI rose 1.3 percent year on year for China as a whole and 2.4 percent in Shanghai.
The Shanghai Statistics Bureau is set to release key activity data, including industrial production, retail sales, fixed-asset investment and trade, next week.
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