Wary China Consumers Face New Hurdle With Soaring Utility Costs
- Stretched local authorities hike water, gas, power prices
- Chinese households have long had low rates thanks to subsidies
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China’s consumers, already weighed down by a property-market bust and a lackluster labor market, are now getting hit by the steepest jump in utility costs in recent memory.
At least 125 cities and counties announced gas-price rises of about 10% since June last year, according to estimates published last month by brokerage Haitong International Securities Group. Water and power prices also went up across the country, according to notices from authorities.