Slower rise in food costs cools Shanghai’s CPI
Print Edition
SHANGHAI’S inflation cooled for the second consecutive month in May as food prices rose slower, data from the Shanghai Statistics Bureau showed yesterday.
The city’s Consumer Price Index, the main gauge of inflation, grew 3 percent from a year earlier last month, slower than the gains of 3.4 percent in April and 3.5 percent in March, the bureau said in a statement.
Food costs in Shanghai gained 3.8 percent last month, slower than the 4.8 percent rise in April. Housing prices jumped 5.1 percent, flat as in April and March.
The flat growth in housing prices was due to Shanghai raising the down payment for buying a second home, and tightening home purchase curbs on non-local residents.
The slower rise in Shanghai’s CPI was generally in line with the national CPI trend, which fell to 2 percent in May from April’s 2.3 percent.
Shanghai’s gross domestic product grew 6.7 percent year on year in the first quarter of this year, 0.1 percentage points faster than the expansion in the same period of last year and in tandem with the national GDP growth.
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