China's CPI up 0.1 pct, PPI down 2.1 pct in January -June period

China's consumer price index (CPI), a main gauge of inflation, went up 0.1 percent year on year in the January-June period, while the country's producer price index (PPI), which measures costs for goods at the factory gate, fell 2.1 percent, official data showed Wednesday.

According to the National Bureau of Statistics (NBS), China's consumer prices have grown for the fifth straight month. The warming consumer sentiment continues to drive domestic demand, while the deflation in factory gate prices continues to narrow.

The CPI in the second quarter rose 0.3 percent, up 0.3 percentage points from the first quarter, the NBS said.

In June alone, the CPI was up 0.2 percent year on year, which is slightly lower than the 0.3 percent increase in May. The core CPI deducting food and energy prices went up 0.6 percent.

Food prices fell significantly in June due to a seasonal increase in supply and smooth connection between production and sales. Among non-food prices, prices of automobiles, household appliances, and durable consumer goods for entertainment dropped due to factors such as promotion events. "In the first half of the year, the prices of food decreased and those of energy and services climbed. The rise in energy prices and the upward fluctuation of international oil prices led to a cumulative increase of nearly 4 percent in domestic gasoline and diesel prices in the first half of the year, and brought up China's CPI by 0.3 percentage points compared with the second half of last year," said He Xiaoying, deputy director of the analysis division at the Price Monitoring Center under the the National Development and Reform Commission.

Meanwhile, the PPI was down 0.8 percent in June, which was a much smaller annual decrease compared to the past few months due to recoveries in mining and food processing sectors.

"Affected by seasonal and imported factors, the prices of different industries were mixed in the first half of the year. As macro policies continue to take effect and demand for goods and services continues to recover, the overall price will maintain a moderate recovery trend," said He.

China's CPI up 0.1 pct, PPI down 2.1 pct in January -June period

China's CPI up 0.1 pct, PPI down 2.1 pct in January -June period

China's CPI up 0.1 pct, PPI down 2.1 pct in January -June period

As China's elderly population grows, shopping malls in Shanghai have actively adapted part of their services to cater to the needs and preferences of elderly consumers, tapping into silver-haired consumer market.

This trend reflects the city's efforts to enhance elderly care services amid the population aging. By the end of 2023, people aged 60 and older reached 5.68 million in Shanghai, representing a whopping 37.4 percent of the city's total population.

A shopping mall on the downtown Nanjing East Road pedestrian street has opened a dedicated club for senior citizens, offering a diverse range of activities from the operation of health workshops to traditional handicraft classes.

"I gain a lot every time I come here. I can participate in various club activities and also exchange knowledge and everyday life hacks with others," said Fu Meilin, an elderly resident.

The mall houses nearly 60 time-honored brands, along with dining and entertainment options suited to senior citizens.

Another business district in Shanghai's Putuo District has adopted a different approach, focusing on attracting retirees during weekdays while catering to younger shoppers on weekends.

Restaurants offer affordable off-peak meal deals priced under 100 yuan (about 13.88 U.S. dollars), attracting a large number of senior customers.

To ensure a convenient and enjoyable shopping experience for the elderly, many shopping malls have conducted age-friendly renovations, including providing comfortable seating areas, accessible restrooms, and consumer guidance services for the elderly shoppers.

Driven by the population aging, China's "silver economy" has shown vast growth potential, with the market currently estimated at around seven trillion yuan and projected to reach a 30 trillion yuan by 2035.

Shopping malls in Shanghai adapt to cater to growing 'silver economy'