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City CPI rises 2.1% in March
By Wang Yanlin |
April 20, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S consumer price index grew faster in March, pointing to more inflationary pressure while industrial production, investment and retail sales all posted steady increases, consolidating the ground for a solid recovery in the city's economy.
The city's CPI expanded 2.1 percent from a year earlier last month. It compared with a gain of 1.3 percent in February and was the fifth increase in a row, the Shanghai Statistics Bureau said today.
The Producer Price Index, the factory-gate measurement of inflation, rose 3.3 percent year on year in March, due to dearer metals and fuel products. The growth was flat compared with February.
"The inflationary expectation has been growing. With the costs of manufacturing materials increasing, consumer prices are under more pressure to go up," said Li Maoyu, an analyst at Changjiang Securities Co. "The decision makers may continue to tighten policies and keep inflation indices stable."
Meanwhile, industrial production in Shanghai advanced 28.2 percent from a year earlier to 235.2 billion yuan (US$34.4 billion) in March, up from the gain of 17.5 percent in February after factories resumed normal manufacturing after the Spring Festival holiday.
Fixed-asset investment in the city grew 18.3 percent on an annual basis in the first three months. The pace is slowing due to fewer stimulus measures when the economy bounced back. Investment in property development still expanded 29.5 percent from a year earlier to 42 billion yuan, accounting for 39.4 percent of the total investment basket.
Retail sales in March advanced 15.5 percent year on year to 47.4 billion yuan in March, within a healthy range compared with an increase of 14 percent for 2009.
Shanghai targets an economic growth rate of 8 percent this year, and it is well on track for that goal, analysts said.
The city's CPI expanded 2.1 percent from a year earlier last month. It compared with a gain of 1.3 percent in February and was the fifth increase in a row, the Shanghai Statistics Bureau said today.
The Producer Price Index, the factory-gate measurement of inflation, rose 3.3 percent year on year in March, due to dearer metals and fuel products. The growth was flat compared with February.
"The inflationary expectation has been growing. With the costs of manufacturing materials increasing, consumer prices are under more pressure to go up," said Li Maoyu, an analyst at Changjiang Securities Co. "The decision makers may continue to tighten policies and keep inflation indices stable."
Meanwhile, industrial production in Shanghai advanced 28.2 percent from a year earlier to 235.2 billion yuan (US$34.4 billion) in March, up from the gain of 17.5 percent in February after factories resumed normal manufacturing after the Spring Festival holiday.
Fixed-asset investment in the city grew 18.3 percent on an annual basis in the first three months. The pace is slowing due to fewer stimulus measures when the economy bounced back. Investment in property development still expanded 29.5 percent from a year earlier to 42 billion yuan, accounting for 39.4 percent of the total investment basket.
Retail sales in March advanced 15.5 percent year on year to 47.4 billion yuan in March, within a healthy range compared with an increase of 14 percent for 2009.
Shanghai targets an economic growth rate of 8 percent this year, and it is well on track for that goal, analysts said.
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