Shanghai’s CPI grows 2.3% as food costs post slower rise
Print Edition
SHANGHAI’S Consumer Price Index grew 2.3 percent from a year earlier in April, down from the 2.5 percent gain a month earlier, as food costs posted a slower rise, the Shanghai Statistics Bureau said yesterday.
Food costs rose 2.5 percent last month, moderating from the 4.3 percent acceleration in March and helping slow the city’s inflation growth, according to the bureau.
Shanghai managed to contain its inflationary pressure, analysts said, although the CPI was above the national average of 1.8 percent in April.
“Shanghai’s consumer prices have been well managed,” said Li Maoyu, an analyst at Changjiang Securities Co. CPI is stable and gives room to adjust policies, Li added.
In the first four months of this year, Shanghai’s inflation gained 2.6 percent but stayed below the local government limit 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 7.4 percent and slowing from 7.6 percent in the previous three months. The extent of the moderation beat forecasts.
Shanghai targets an economic growth of 7.5 percent this year.
Analysts cited weaker industrial production for the slowdown which was in line with the national trend of a stalling economic recovery.
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