Local inflation reaches 1-year high in Sept
2013-October-17 Source: Szdaily web edition
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Inflation in Shenzhen was 3.7 percent greater last month than in September 2012, the biggest such growth of the past year, the Shenzhen survey office of the National Bureau of Statistics announced on Oct. 16.

Food prices increased by 5.8 percent last month, compared with a year ago, and were a driving force of the inflation growth.

Prices of fresh vegetables jumped by more than 34 percent last month, which the survey office attributed to typhoon weather and increased consumption during the Mid-Autumn Festival holiday.

Compared with August, prices of fresh vegetables grew by 12.5 percent.

“An ordinary homemade meal now costs more than before,” said a Futian District resident surnamed Chen. “We are busy at work during the day, so we have no time to look for cheap vegetables at markets. We always go to supermarkets to buy them, where I have felt a continuous price hike.”

Chen said two vegetable dishes and one meat dish, a normal homemade supper for her two-person family, costs at least 100 yuan (US$16.28).

The office said October is the peak production season for vegetables and could see lower prices.

Local home rent prices grew by more than 10 percent last month, compared with September last year, and by 11.7 percent from August.

The survey office said the city’s continuously rising rent prices were closely linked to nonstop home price increases.

Shenzhen’s consumer price index, a main gauge of inflation, increased by 2.5 percent in the first nine months of this year, compared with the same period last year.

Shenzhen’s producer price index (PPI), a main gauge of inflation at the wholesale level, witnessed a 2.6-percent decrease in September, compared with September last year. However, the PPI grew by 0.3 percent last month from August.

A falling PPI is widely considered a sign of weak economic growth and insufficient demand.

Editor: Olivia
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