Pork prices in China hit an eight-year high last month according to the latest Consumer Price Index (CPI) released by the country’s National Bureau of Statistics.
The data shows pork prices rose 101% year-on-year and 20.1% from September. The CPI itself rose 3.8% year-on-year, a 0.8% rise from September, with pork prices accountable for about 2.43% of that increase. The price hikes are driven by an ongoing severe pork shortage after China’s stock was decimated by the African swine fever outbreak first reported in August 2018.
The skyrocketing prices for China’s favorite meat are now the highest the country has seen since 2012. Prices for alternative meats like beef, mutton, chicken, and duck also rose due to the rising cost of pork.
Analysts have said that pork may continue to get more expensive until the second half of 2020, with steep increases between November 2019 and February 2020.
Contact reporter Ren Qiuyu (firstname.lastname@example.org)