City鈥檚 inflation grows 2.9% in May
Print Edition
SHANGHAI’S Consumer Price Index grew 2.9 percent from a year earlier in May, up from April’s increase of 2.3 percent, due to higher food costs, the Shanghai Statistics Bureau said yesterday.
Although the CPI was higher than the national average of 2.5 percent recorded last month, the city’s inflationary pressure was contained, analysts said.
Food costs rose 4.4 percent in the city, bigger than the rise of 2.5 percent in April, and contributing the most to the faster CPI growth, the bureau said.
“Shanghai’s consumer prices have been relatively stable,” said Li Maoyu, an analyst at Changjiang Securities Co. “It allows for room to ease policies to bolster economic growth.”
Since April, the city government has started to offer subsidies for rural and poor households if the inflation exceeds 3.5 percent or food costs rise above 7 percent. The subsidy amount depends on the pace of CPI growth.
In the first five months of this year, Shanghai’s CPI gained 2.7 percent but under the local government target of 3.5 percent for 2014.
Earlier data showed the city’s economic growth in the first quarter weakened to 7 percent, slowing from 7.6 percent in the previous three months and below China’s 7.4 percent.
Analysts blamed the slowdown on weaker industrial production, and in line with the slowing economy nationwide.
Shanghai targets a 7.5 percent economic growth this year, same as that for the country.
Shanghai’s retail sales rose 7.5 percent to 346.9 billion yuan (US$56.4 billion) in the first five months, according to the bureau.
In May alone, retail sales rose 8.3 percent, compared with the 6.1 percent in April.
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