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CPI grows at slower pace, retail sales weak
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SHANGHAI’S inflation grew at a slower pace in August while retail sales weakened, according to data released by the Shanghai Statistics Bureau yesterday.
The city’s Consumer Price Index, the main gauge of inflation, rose 2.6 percent from a year earlier in August, down from 3 percent in July, the bureau said.
Retail sales, one yardstick of consumption, rose 10.6 percent to 74.7 billion yuan (US$12.2 billion) last month. They grew 10.9 percent in July. In the first eight months, retail sales in Shanghai gained 8.4 percent.
“Shanghai’s economy seemed to be decelerating as well,” said Li Maoyu, an analyst at Changjiang Securities Co.
“The performance was largely in line with that of the nation, but the pace was steadier in the city.”
During the weekend, China reported moderate growth in its industrial production, fixed-asset investment and retail sales last month. Industrial production grew just 6.9 percent, the slowest pace since the global financial crisis of 2008.
Some economists have called for more supportive policies, such as cuts in reserve requirement ratio, to boost market liquidity because inflation remained modest at a four-month low of 2 percent in August across the nation.
However, the People’s Bank of China, the central bank, seemed reluctant to ease policies further as it expected money supply to grow reasonably and viewed the current growth of M2, which measures broad liquidity conditions, as sufficient to deliver a decent expansion.
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