Luxury good prices in China rose an average of 8.74 percent between February of last year and this year, with aged pu'er tea increasing faster in value than any other luxury item, according to China-focused luxury website Hurun Report's first China luxury living index.

The increase in luxury good prices is more than triple the 2.7 percent rise in the consumer price index - a measure of prices of a basket of common consumer goods - over the same 12-month period. According to the Hurun Report's index, the price of 30-year old pu'er tea rose 33.3 percent - beating out a membership at Sheshan Golf Club in Shanghai (25 percent), a Rolls Royce Phantom EWB (9.55 percent) or a stay at a superior suite at the Peninsula Hong Kong.

Pu'er tea, which is only produced in Yunnan province, was once a tribute tea produced exclusively for the emperor. In recent years it has gone from relative obscurity to becoming a popular tea across East Asia to its current status as a luxury good and investment item, especially aged pu'er.

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