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Shanghai inflation up 2%, industry and trade slump
By Wang Yanlin |
December 17, 2012, Monday
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Online Edition
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SHANGHAI'S consumer prices grew 2 percent year on year in November while industrial production and foreign trade both fell, indicating the foundation remains shaky for a full economic recovery in the city.
The Consumer Price Index, the main gauge of inflation, rose 2 percent from a year earlier last month, the Shanghai Statistics Bureau said today. It was the third consecutive month that the city posted inflation at 2 percent.
Food costs, which account for nearly one third of the total basket, increased 3.1 percent, up from 2.8 percent in October.
Although inflation is no longer a major concern, some analysts said balancing growth and inflation remains important.
The city's gross domestic product grew 7.4 percent on an annual basis in the first three quarters against the backdrop of a higher comparative base, accelerated economic restructuring and more exposure to the external world. It led other cities in securing a recovery marked by faster GDP growth in the first three quarters than in the first half.
But the performance weakened in November, data from the municipal statistics bureau showed.
Industrial production fell 4 percent from a year earlier to 264.6 billion yuan (US$42 billion) last month, reversing a 0.1 percent increase in October.
The city's six leading industries, namely IT, automobile, petroleum, refined steel, machinery equipment and biomedicine, dropped 4.3 percent with a combined output of 177.4 billion yuan in November.
Exports totaled US$18.2 billion in November, flat from a year ago, while imports shed 5.3 percent to US$18.6 billion year on year.
Trade in November thus declined 2.8 percent annually to US$36.8 billion, extending a retreat for five months running.
The Consumer Price Index, the main gauge of inflation, rose 2 percent from a year earlier last month, the Shanghai Statistics Bureau said today. It was the third consecutive month that the city posted inflation at 2 percent.
Food costs, which account for nearly one third of the total basket, increased 3.1 percent, up from 2.8 percent in October.
Although inflation is no longer a major concern, some analysts said balancing growth and inflation remains important.
The city's gross domestic product grew 7.4 percent on an annual basis in the first three quarters against the backdrop of a higher comparative base, accelerated economic restructuring and more exposure to the external world. It led other cities in securing a recovery marked by faster GDP growth in the first three quarters than in the first half.
But the performance weakened in November, data from the municipal statistics bureau showed.
Industrial production fell 4 percent from a year earlier to 264.6 billion yuan (US$42 billion) last month, reversing a 0.1 percent increase in October.
The city's six leading industries, namely IT, automobile, petroleum, refined steel, machinery equipment and biomedicine, dropped 4.3 percent with a combined output of 177.4 billion yuan in November.
Exports totaled US$18.2 billion in November, flat from a year ago, while imports shed 5.3 percent to US$18.6 billion year on year.
Trade in November thus declined 2.8 percent annually to US$36.8 billion, extending a retreat for five months running.
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