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Food costs push up Shanghai's inflation
By Wang Yanlin |
September 14, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S inflation picked up again in August, bucking the nation's moderating trend and indicating that more measures may be needed to curb price rises.
The city's consumer price index, the main gauge of inflation, advanced 5.8 percent from a year earlier last month, compared to July's 5.6 percent, the Shanghai Statistics Bureau said yesterday.
In comparison, China's inflation rate growth eased to 6.2 percent in August from July's 6.5 percent.
"Inflation turns out to be very stubborn in Shanghai and the city needs to carry out more measures," said Wang Zehua, a bureau analyst.
Food costs led the price rises by surging 12.6 percent annually in August, compared to July's 11.9 percent. Meat prices soared 24.9 percent last month, and edible oil was up 23.6 percent, according to the bureau.
To ease the pressure on households of more expensive food, the Shanghai government has begun a trial program to offer affordable vegetables at 12 wet markets. Every day from last month, one type of vegetable is being sold at a favorable price in the pilot markets, officials at the Shanghai Commission of Commerce said.
In the first eight months, Shanghai's consumer prices expanded 5.2 percent on an annual basis, far exceeding the local government's target of keeping pace with the nation's goal of 4 percent.
Zhou Bo, director at the Shanghai Development and Reform Commission, said in July that the city's inflation may surpass 4.5 percent this year under the impact of higher prices for global commodities, natural disasters and rising production costs.
The city's consumer price index, the main gauge of inflation, advanced 5.8 percent from a year earlier last month, compared to July's 5.6 percent, the Shanghai Statistics Bureau said yesterday.
In comparison, China's inflation rate growth eased to 6.2 percent in August from July's 6.5 percent.
"Inflation turns out to be very stubborn in Shanghai and the city needs to carry out more measures," said Wang Zehua, a bureau analyst.
Food costs led the price rises by surging 12.6 percent annually in August, compared to July's 11.9 percent. Meat prices soared 24.9 percent last month, and edible oil was up 23.6 percent, according to the bureau.
To ease the pressure on households of more expensive food, the Shanghai government has begun a trial program to offer affordable vegetables at 12 wet markets. Every day from last month, one type of vegetable is being sold at a favorable price in the pilot markets, officials at the Shanghai Commission of Commerce said.
In the first eight months, Shanghai's consumer prices expanded 5.2 percent on an annual basis, far exceeding the local government's target of keeping pace with the nation's goal of 4 percent.
Zhou Bo, director at the Shanghai Development and Reform Commission, said in July that the city's inflation may surpass 4.5 percent this year under the impact of higher prices for global commodities, natural disasters and rising production costs.
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