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Tentative trial dates set for four teens charged with murder | SaltWire #newsupdate #halifax #courtBEIJING - Utility price hikes in more than 10 Chinese cities may briefly lift nationwide inflation from ultra-low levels, but could ultimately turn into a deflationary force in the world's no. 2 economy as they further erode the households' spending power, analysts say.
The increases have prompted criticism on social media from users who say they will have less to spend on other basic needs. "Yet, household sentiment will be hit by higher living costs. Ultimately, it is likely to be negative to domestic consumption." The average annual increase in 36 large and medium-sized cities for gas, water and heating bills from 2016 to 2021 was 2.4%, 0.8% and 0.2%, respectively, according to analysts at Huachuang Securities.
But cities are now cutting spending as a severe real estate downturn since 2021 has curbed their ability to raise cash by leasing land to property developers, which in many places dwarfed other sources of income before the pandemic. One silver lining for Chinese households is that the costs are rising from a small base, said Xu, who expects those in the lower-income group to reduce wasteful consumption of water and energy to keep their bills in check.
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