City inflation jumps 2.6%

By Wang Yanlin | March 16, 2015, Monday |

Online Edition

SHANGHAI'S inflation picked up in February while activity data continued to point at weakness in the economy, the Shanghai Statistics Bureau said today.

The Consumer Price Index, the main gauge of inflation, expanded 2.6 percent from a year earlier in February, up sharply from January's 1.8 percent increase and more than the national average of 1.4 percent.

The increase was attributed to seasonal factors as Chinese New Year was in February this year, compared with January last year, the bureau said.

Food costs gained 2.8 percent due to the holiday effects, while the price of clothes jumped 14.6 percent.

In the first two months the city's inflation rose 2.2 percent, lower than the 3 percent target for this year.

Meanwhile, real activity weakened as the economy continued to stumble.

Industrial production edged up 0.6 percent year on year in the first two months, scaling back from 3.1 percent in December.

Retail sales increased 8.1 percent to 158 billion yuan (US$25.4 billion) in January and February combined, lower than the 8.3 percent rise in December even though the Spring Festival is prime shopping time.

Fixed-asset investment expanded 2.1 percent to 67.5 billion yuan during the period, compared with last year's rise of 6.5 percent.

Economy

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City inflation jumps 2.6%

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