Wednesday 20 November 2019
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business-standard - 11 days ago

Chinese inflation hits highest rate since 2012

China s consumer prices grew at their fastest rate in almost eight years in October driven by a spike in pork prices caused by an outbreak of African swine fever, according to official figures released Saturday. The consumer price index (CPI) -- a key gauge of retail inflation -- hit 3.8 per cent last month, the National Bureau of Statistics (NBS) said, up from 3.0 per cent in September and the highest annual rate since January 2012. Analysts in a Bloomberg News poll had forecast a rate of 3.4 per cent. Prices of pork, the staple meat in China, have more than doubled in the past year, according to the NBS. More than a million pigs have been culled due to the widespread outbreaks since African swine fever appeared in August 2018, according to official statistics, but that is widely considered to be an underestimate. This, in turn, has also pushed up prices of other meats including beef, chicken, duck and eggs as consumers switch to other protein sources. The spike has led the ...

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