Shanghai’s CPI posts slower climb
Print Edition
SHANGHAI’S Consumer Price Index, the main gauge of inflation, rose 2.7 percent from a year earlier in February, the city’s statistics bureau said yesterday.
The increase, however, slowed from January’s 3 percent jump — a 20-month high — but was faster than the national average of 2 percent last month, according to the Shanghai Statistics Bureau.
Food costs, which make up nearly a third of the CPI basket of prices, rose 3.5 percent year on year in February, lower than the 4.6 percent gain in January. The weaker rise in food prices translated into an easing in inflation, the bureau said. The gain in costs of fresh vegetables eased 4.2 percentage points, fruits 7.8 percentage points, and seafood 4.6 percentage points in February from a month earlier.
“Shanghai’s inflation was under control although it was higher than the national average,” said Yan Jun, the bureau’s chief economist.
He noted the city’s consumer prices may stabilize around 2.5 percent in the following months.
Shanghai’s CPI rose 2.8 percent in the January-February period, stronger than the full-year rise of 2.3 percent in 2013. The city aims to keep the CPI growth under 3.5 percent this year, in line with the country’s target.
To better reflect the price movements of daily necessity goods, the bureau may launch a new index in partnership with yihaodian.com, a popular online supermarket which sells a wide range of products.
China’s consumer prices rose at the slowest pace in 13 months at 2 percent in February, the National Bureau of Statistics said.
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