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SHANGHAI’S Consumer Price Index, the main gauge of inflation, grew 3.4 percent from a year earlier in April, slower than March’s 3.5 percent rise, the Shanghai Statistics Bureau said yesterday. The dip was generally in line with the national CPI trend, which was flat from March’s at 2.3 percent.
Food costs in Shanghai gained 4.8 percent last month, slower than the 5.2 percent rise in March. Housing prices grew 5.1 percent, the same as March. The flat growth in housing prices occurred after Shanghai raised down payment for buying a second home, and tightened home purchase restrictions on non-local residents.
Overall in the first four months of the year, Shanghai’s consumer prices gained 3.1 percent. Shanghai’s gross domestic product grew 6.7 percent year on year in the first quarter, 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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