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Food sway in consumer spending cut
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CHINA’S top statistics agency revealed changes to its consumer price basket on Friday, lowering the weight given to food while increasing that of other goods to reflect new consumption patterns.
The National Bureau of Statistics has cut the weighting of food, tobacco and alcohol in the basket by 3.4 percentage points, according to an article published on its website on Friday.
Food prices accounted for nearly one-third of China’s consumer price calculation in the past. As an economy grows and incomes rise, food generally accounts for a smaller share in consumer spending.
In its last adjustment, the bureau cut the weighting of food prices by 2.21 percentage points in 2011.
The weighting of goods and services for daily life fell by 1.1 percentage points, while that of housing rose 2.2 percentage points, the bureau said.
The weighting of transport and communications rose by 1.1 percentage points. Medical and health care was up 1.3 percentage points.
The bureau took new products and services into account in the basket, including floricultural products, pets, elder care and financial services.
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