Shanghai inflation reaches 2.9%

By Wang Yanlin | June 17, 2014, Tuesday |

Online Edition

SHANGHAI'S Consumer Price Index expanded 2.9 percent from a year earlier in May, up from April's increase of 2.3 percent, the Shanghai Statistics Bureau said today.

The city's inflationary pressure remained contained, analysts said, although it was higher than last month’s 2.5 percent national average.

Food costs rose 4.4 percent, up from 2.5 percent in April, and contributed 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 makes room for some policy easing to bolster economic growth."

In the first five months, inflation in the city rose 2.7 percent, shy of 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, compared with China's rate of 7.4 percent and slowing from 7.6 percent in the previous three months. The extent of the moderation was unexpected.

Analysts attributed the slowdown to weaker industrial production, but added it was in line with the national trend.

On Monday, the central bank announced it would extend a reserve requirement ratio cut to larger commercial lenders, the third monetary easing move in three months as part of the government's efforts to support the economy.

Shanghai targeted 7.5 percent growth this year, the same as the country.

Meanwhile, Shanghai's retail sales expanded 7.5 percent to 346.9 billion yuan (US$55.9 billion) in the first five months, the bureau said.

In May, retail sales gained 8.3 percent, faster than the 6.1 percent pace the previous month.

Economy

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Shanghai inflation reaches 2.9%

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