While retail sales in the U S and the U K are struggling hard to even match growth higher than the inflation, domestic sales in China has registered a record rise of 20.2% during the two month period of January-February, 2008.
According to the National Bureau of Statistics (NBS)retail sales in the first two months this year boosted by lunar New Year consumption and rising food prices increased to a brisk Yuan 1.74 trillion ($245.5 billion), reports Chinese news agency Xinhua. This was 5.5% points higher than the same period last year.
While non-food prices increased only 1.6%, food costs increased by 23.3% in February, over the same period last year.
Interestingly, while urban consumption touched 1.18 trillion yuan (up 20.8%), rural consumption increased to 559.1 billion yuan (up 18.9%), year-on-year.
Almost all categories registered handsome gain in sales. Clothing (up 24%), FMCG (up 21.1%) and home appliances were up 18.8%, grain and edible oil grew 41.2%.
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