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Shanghai consumer confidence at 2-year low, survey says
By Wang Yanlin |
July 4, 2011, Monday
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Online Edition
Online Edition
RISING inflation, bearish stock market performance and a flurry of natural disasters in China have eroded Shanghai consumers' confidence and sent the local consumer confidence index to a two-year low, a survey showed today.
The Shanghai Consumer Confidence Index dropped to 101.2 in the second quarter, down 4.8 points from that in the first quarter and 4 points lower from a year earlier, according to the Shanghai University of Finance and Economics, which made the quarterly survey.
An index reading above 100 indicates consumers are positive about the economy while a reading below 100 implies a negative attitude.
The reading for the April-June period was getting closer to the lows amid the global financial crisis.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said the falling index was the result of runaway prices, bearish stock market and natural disasters in China.
"After a short-lived rebound in the first quarter, the index dropped to a level close to the negative territory, indicating consumers' cautious optimism and sense of insecurity," Xu said.
China's Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May. It was the fastest pace in 34 months, and some economists anticipated a higher reading of 6.3 percent in June due to the recent hike in pork prices.
The Shanghai Consumer Confidence Index dropped to 101.2 in the second quarter, down 4.8 points from that in the first quarter and 4 points lower from a year earlier, according to the Shanghai University of Finance and Economics, which made the quarterly survey.
An index reading above 100 indicates consumers are positive about the economy while a reading below 100 implies a negative attitude.
The reading for the April-June period was getting closer to the lows amid the global financial crisis.
Xu Guoxiang, director of the university's Applied Statistics Research Center, said the falling index was the result of runaway prices, bearish stock market and natural disasters in China.
"After a short-lived rebound in the first quarter, the index dropped to a level close to the negative territory, indicating consumers' cautious optimism and sense of insecurity," Xu said.
China's Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May. It was the fastest pace in 34 months, and some economists anticipated a higher reading of 6.3 percent in June due to the recent hike in pork prices.
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