China re­veals con­sumer price bas­ket changes

The Pak Banker - - BUSINESS -

BEI­JING: China's top sta­tis­tics agency re­vealed changes to its con­sumer price bas­ket on Fri­day, low­er­ing the weight given to food while in­creas­ing that of other goods to re­flect new con­sump­tion pat­terns. The Na­tional Bureau of Sta­tis­tics (NBS) has re­duced the weight­ing of food, to­bacco and al­co­hol in the bas­ket by 3.4 per­cent­age points, ac­cord­ing to an ar­ti­cle pub­lished on the NBS web­site. Food prices ac­counted for nearly one-third of China's con­sumer price cal­cu­la­tion in the past. As an econ­omy grows and in­comes rise, food gen­er­ally ac­counts for a smaller share in con­sumer spend­ing. In its last ad­just­ment, the NBS re­duced the weight­ing of food prices by 2.21 per­cent­age points in 2011. The weight­ing of goods and ser­vices for daily life was down by 1.1 per­cent­age points, while that of hous­ing rose 2.2 per­cent­age points, the NBS said Fri­day. Weight­ing of trans­port and com­mu­ni­ca­tions ex­panded by 1.1 per­cent­age points. Med­i­cal and health care was up 1.3 per­cent­age points. The NBS also took new prod­ucts and ser­vices into ac­count in the con­sumer price sur­vey, in­clud­ing flori­cul­tural prod­ucts, pets, el­der care and fi­nan­cial ser­vices, which have seen rapidly in­creased spend­ing in re­cent years. The new bas­ket and sur­vey cat­a­logue were put into use for the con­sumer price cal­cu­la­tion in Jan­uary, when the NBS also changed the base year from 2010 to 2015. The changes will af­fect the year-on-year in­fla­tion rate by merely 0.08 per­cent­age points, the NBS said. China's con­sumer price in­dex (CPI), a main gauge of in­fla­tion, grew 1.8 per­cent year on year in Jan­uary, up from a rise of 1.6 per­cent in De­cem­ber, while hit­ting a five-month high, NBS data showed.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.