Inflation Rates in the City Continues to Rise
Last month inflation in the city stayed on the rising track which was driven by continued growth in home related costs prices of food. The consumer price index which is the main gauge of inflation has increase by 0.5 percent last month compared to January. Consumer price index for February has also increase by 3 percent compared to the same period in 2013.
Last month also saw prices with a 1.6 percent increase in food prices. Food prices have increase by more than 3 percent compared with February of 2013. And during the Spring Festival last month drove the demand for products such as fruits, fresh vegetables and seafood which saw a sharp increase in the city. While home related costs ranging from decorations, rent and renovation materials have also increase by 0.5 percent compared to January and by 5.3 percent compares to February of 2013.
February was the sixth consecutive month that the city saw a year on year inflation growth of around 3 percent that triggered questions on the increasing costs of living in the city. the growth of rent price in February was due to service items and home related costs as for prices of industrial products was remained stable.
Local inflation continues to gather complaints online mainly from residents, experts say that people should focus on increasing their income on a faster rate. Currently Shenzhen is ranked the third most expensive city after Hong Kong and Shanghai, Shenzhen ranks 32 in the world.