China’s pork costs rise on the slowest tempo in additional than a yr

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A breeder feeds piglets at a pig farm on Could 13, 2020 in Bijie, Guizhou Province of China.

Visible China Group | Getty Photographs

BEIJING — China’s shopper worth index rose barely in September as meals costs climbed, even with a drastic slowdown within the enhance in pork costs.

The buyer worth index rose 1.7% final month from a yr in the past, China’s Nationwide Bureau of Statistics mentioned Thursday. That determine was barely under the 1.8% rise predicted by analysts in a Reuters ballot, and under the two.4% enhance in August.

General meals costs remained elevated, up 7.9% in September from a yr in the past, with contemporary vegetable costs climbing 17.2%.

Pork costs climbed 25.5%, however at a slower fee than will increase of over 100% seen for a lot of the final 12 months. Pork costs rose 52.6% year-on-year in August. September’s print marked the slowest tempo of development since June 2019, in response to statistics bureau knowledge.

African swine fever has decimated swaths of China’s pig herds, resulting in a scarcity in the important thing meat staple for the nation of 1.4 billion individuals.

For the primary three quarters of the yr, China’s imports of pork greater than doubled from a yr in the past, the nationwide customs company disclosed Tuesday. Imports of beef rose 38.8% throughout that point. China’s imports of U.S. agricultural merchandise over the identical time interval climbed 44.4% from a year ago.

The producer worth index fell 2.1% in September from a yr in the past, better than the 1.8% decline forecast by a Reuters ballot.

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

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