Financial

China’s pork prices rise at the slowest pace in more than a year

Folks wearing confront masks shift packs of vegetables at a wholesale market for agricultural solutions, as the country is hit by an outbreak of the novel coronavirus, in Beijing, China February 19, 2020.

Tingshu Wang | Reuters

BEIJING — China’s shopper price tag index rose somewhat in September as food costs climbed, even with a drastic slowdown in the increase in pork prices.

The buyer selling price index rose 1.7% previous thirty day period from a yr back, China’s National Bureau of Data said Thursday. That figure was marginally under the 1.8% rise predicted by analysts in a Reuters poll, and under the 2.4% boost in August.

Overall food charges remained elevated, up 7.9% in September from a 12 months in the past, with fresh vegetable rates climbing 17.2%.

Pork selling prices climbed 25.5%, but at a slower fee than improves of above 100% observed for a great deal of the past 12 months. Pork prices rose 52.6% calendar year-on-calendar year in August. September’s print marked the slowest tempo of expansion considering that June 2019, in accordance to statistics bureau data.

African swine fever has decimated swaths of China’s pig herds, foremost to a scarcity in the critical meat staple for the region of 1.4 billion folks.

For the first 3 quarters of the year, China’s imports of pork additional than doubled from a 12 months in the past, the national customs company disclosed Tuesday. Imports of beef rose 38.8% for the duration of that time. China’s imports of U.S. agricultural products and solutions over the very same time period of time climbed 44.4% from a year ago.

The producer price tag index fell 2.1% in September from a year back, bigger than the 1.8% drop forecast by a Reuters poll.

— CNBC’s Yen Nee Lee contributed to this story.

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