China’s National Bureau of Statistics reports inflation Chinese consumers increased in July to the highest level in two years. The increase was said to be largely due to soaring pork prices.
Data from China’s National Bureau of Statistics said pork prices are currently up 20.2%. The increase pushed the consumer price index or the Consumer Price Index (CPI) up 2.7% last month. This was quoted from Bloomberg, Wednesday (10/8/2022).
Economists predict the increase in pork prices in the future will increase total inflation this year, including also due to soaring other food and energy.
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Jones Lang LaSalle Inc. Head of Research and Chief Economist Bruce Pang projects that inflation China will recover 3% in the next two months.
“Inflation is likely to rise past 3% in the next two months, due to a low base and a pick-up in pork prices. But core inflation is likely to remain. Beneficial as domestic demand is weak. This won’t cause much curbing on monetary policy,” he said.
Meanwhile, Senior Statistician Dong Lijuan said rising pork prices were not the only cause of China’s soaring inflation. Rising prices for fresh vegetables and other foods, along with seasonal factors have also been drivers.
He explained that overall food prices rose 6.3% in July from a year ago. Fresh fruits and vegetables jumped 16.9% and 12.9%, respectively, from a year ago.
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