- The consumer price inflation (CPI) rate accelerated to 2.7 per cent in May, with pork prices jumping 18.2 per cent
- Producer prices charged by factories decelerate in May as expected due to lower cost of commodities like oil and natural gas
China’s consumer inflation jumped to its highest level in 15 months in May, driven largely by soaring fresh fruit and pork prices as the effects of the African swine fever epidemic showed few signs of abating.The consumer price inflation (CPI) rate accelerated to 2.7 per cent in May from a year ago, its highest level since February 2018, up from 2.5 per cent in April, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The rise was in line with expectations of a Bloomberg poll.Fresh fruit prices rose to a record high of 26.7 per cent compared to a year ago, accelerating from the 14.8 per cent gain registered in April, while pork prices also continued to soar, jumping 18.2 per cent in May from a year ago, up 3.8 percentage points from last month.
The NBS blamed an insufficient supply to the market and wet weather in the south this year for the decline in the supply of fresh fruits.
China’s African swine fever outbreak began in August, leading to the culling of hundreds of thousands of pigs and breeding stock to stop the spread of the virus that is deadly to pigs but does not affect humans. The impact on the industry has worsened this year, affecting large corporate pig farms.Last month, the Ministry of Agriculture and Rural Affairs warned of the risk of a severe shortage of pork due to a lack of pig inventories as farmers aggressively culled their herds. In the fourth quarter of 2019, pig prices may exceed their record high posted in 2016, the ministry said....
....MUCH MORE
