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Retail sales rise on higher prices
2007-08-14 01:53:16 Shanghai Daily

SHANGHAI, Aug. 14 -- RETAIL sales grew at the fastest pace in three years in July, the National Bureau of Statistics said on its Website today.

Retail sales jumped 16.4 percent in July from a year earlier to 699.8 billion yuan (US$92 billion), after gaining 16 percent in June.

Spending on meat, poultry and eggs surged 51.4 percent, and spending on edible oils jumped 45.2 percent in the month mainly because of higher prices, the bureau said. It didn't give specific figures.

Meat and poultry prices soared 45.2 percent and egg costs surged 30.6 percent last month from a year earlier.

Spending on vehicles and jewelry jumped 42.7 percent and 45.9 percent respectively in the period.

People spent more on home appliances in the month, rising 31.9 percent from a year earlier, and spending on building materials rose 39 percent.

Retail sales for the first seven months of this year rose 15.5 percent to 4.9 trillion yuan.

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