China - Rising pork prices prompt fear of inflation

3 yrs ago, rising pork prices helped push inflation to a record high. Now, many Chinese are fearful that they are experiencing deja vu, as the price of pork rises, and threatens to exacerbate inflation concerns that have affected the World's 2ndlargest economy.
Tuesday 21 June 2011 (6 years 8 months 3 days ago)
3 yrs ago, rising pork prices helped push inflation to a record high. Now, many Chinese are fearful that they are experiencing deja vu, as the price of pork rises, and threatens to exacerbate inflation concerns that have affected the World's 2ndlargest economy.

Pork prices have risen up for months now, as the consumer price index (CPI), the main gauge of inflation, rose by a 34-month high of 5.5% from a year earlier in May, the National Bureau of Statistics (NBS) said last Tuesday. The figure is far above the government's annual target of 4%.

NBS spokesman Sheng Laiyun attributed the rising inflation largely to an 11.7% rise in food prices, fueled by drought and flood in some farming regions.

He specifically blamed pork prices as the main cause, with an increase of 40.4% in May Y-Y, which contributed about 20% to the CPI growth.

Data from the Ministry of Commerce (MOC) showed that pork prices have started trending up-ward since the end of May last year, when pork prices stood at 14.47 Yuan per kg, the lowest in Y 2010.

In the week ending June 12 this year, pork prices reached 22.52 Yuan per kg, up 55.6% from the bottom last year, closer to the historical high of 22.88 Yuan on February 8, 2008.

The ministry's spokesman Yao Jian said Wednesday that the continuous rise has resulted from reduced pig breeding and supply shortages due to low prices at this time last year and rising labor and feed costs.

http://hken.ibtimes.com/articles/165390/20110619/rising-pork-prices-prompt-fear-of-inflation-in-china.htm

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