China posts first CPI drop for 6 years

By Jane Chen | March 10, 2009, Tuesday |

Online Edition

CHINA'S consumer price index last month dropped 1.6 percent, the first year-on-year drop in the past six years.

According to the National Bureau of Statistics, the drop in urban areas was 1.9 percent, while rural areas fell 0.8 percent. The drop was 1.9 percent for food and 1.8 percent for service products.

Prices in the housing sector declined 2.9 percent. Home prices in 70 cities dropped 1.2 percent, but building material prices climbed 3.1 percent and rentals rose 1.2 percent.

Prices in the tobacco and wine sector edged up 2 percent, with prices for tobacco up 0.2 percent and for wine up 4.9 percent.

Clothing prices fell 2.3 percent while home appliances climbed 2.1 percent.
Medical product prices rose 1.3 percent, as traditional Chinese medicine prices soared 3.4 percent and medical service prices moved up 0.3 percent.

Prices in the traffic and telecommunications sector dropped 3.0 percent, with vehicle prices down 1.6 percent and inter-city public transport prices down 0.2 percent. Telecom prices dived 18.6 percent.

Prices in the education, tourism and amusement sectors dropped 1.1 percent.

Economy

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China posts first CPI drop for 6 years

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