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CPI Level Stays Same Year-on-Year
The Chinese consumer price index (CPI) kept the same level in October compared with the same month last year, the National Bureau of Statistics said November 14.
But the price level last month went down by 0.1 per cent compared to September because of a drop in the price of vegetables, eggs and fish as the holiday season wound down, according to chinadaily.com.cn.
October was the first month with a declining CPI after five months in a row of consumer prices rising.The nation's consumer goods market surged to a new high last month, with a sales value of 302.9 billion yuan (US$36.6 billion), boosted by holiday spending.
The country's gross domestic product rose 8.2 per cent year-on-year during the first three quarters of this year.
China has continued to adopt an active fiscal policy to stimulate both investment and consumption since the beginning of this year.
The bureau said the consumer price index was up 0.1 per cent year-on-year during the first 10 months of this year.
The prices of food and major industrial consumer goods dropped while the cost of clothing, housing and services went up.
The price of clothes, shoes and socks rise 0.8 per cent last month while accommodation prices went up by 0.7 per cent and the price of services climbed 0.5 per cent compared with September.
The consumer prices hike in the northern part of China last month is believed to be driven in part by the cold weather.
For example, the bureau economist attributed the rising price of clothing in the north to the cold.
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