New index to track prices of local daily necessities
Print Edition
Shanghai may put together a new index to measure the price changes of products closely linked to people’s daily lives.
The Consumer Price Index, the current main gauge of inflation which has often drawn complaints that it is in sharp contrast to people’s feelings, is said to be too vague.
Chen Hongmin, a local lawmaker, recently suggested that the authorities compile a new index, possibly named after “Yihaodian,” or the online mall selling daily necessities from food to soap, to track the price changes of products that people care about and use the most.
“Many people wonder why the CPI growth does not fit into their feelings about the rapidly rising prices. In my opinion, it is largely because the CPI covers too many products and has a different focus from what ordinary people care about,” Chen said. “Thus we should produce a new index to meet the demand of tracking price changes of daily necessities.”
In the first half of this year, Shanghai’s CPI expanded 2.3 percent from a year earlier, with food costs rising 4 percent. This led to skepticism among people because their experiences told a different story of the price change.
The Shanghai Statistics Bureau has accepted Chen’s suggestion and plans to start compilation work for the new index, which is expected to be released at the end of this year.
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