SZ’s inflation in May refuses to drop
2014-June-13 Source: Szdaily web edition
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Shenzhen’s inflation refused to decline in May, when it registered a 2.8-percent growth compared with May last year and a 0.2-percent growth compared with April, the National Bureau of Statistics’s Shenzhen survey office announced Thursday.

The price of food increased by 4.7 percent last month, compared with April.

Last month witnessed a year-on-year growth of 23.2 percent in the prices of fresh fruits, which the survey office attributed to a rise in the cost of transportation and storage, as well as a decline in output.

On the contrary, pork prices continued decreasing last month, registering a 1.2-percent decrease compared with May last year.

Price hikes were also seen in tourism, medical care, clothing, transportation, entertainment and telecommunication services last month.

The survey office predicted that Shenzhen’s consumer price index (CPI), a main gauge of inflation, will continue growing mildly in the near future.

The city’s CPI increased by 2.9 percent in the first five months of this year, compared with the same period of last year.

At the factory level, Shenzhen’s producer price index (PPI) declined 0.2 percent last month, compared with April. A drop in PPI is widely considered a sign of weak economic growth and insufficient demand.

China’s inflation reached a four-month high of 2.5 percent in May, mainly due to higher food prices. The rate is below the government’s target of 3.5 percent for this year.

Editor: 王凯
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