Inflation in China rose to its highest level in two years in June, fueled mainly by rising pork prices. According to the Chinese government, inflation was 2.5 percent year-on-year last month, from 2.1 percent a month earlier.
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Pork is a very important food source in China. The Chinese government is said to be concerned about shortages and are looking at ways to counter rising pork prices, for example by releasing meat from strategic stocks. The government has large stocks of frozen pork stored in department stores.
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The demand for pork is increasing more strongly as strict corona measures in China have been relaxed. As a result, people can do more shopping again and the Chinese are also going to eat out more often, which increases the demand from the catering industry for pork.
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Energy also became more expensive, but other foodstuffs, including fresh vegetables, eggs and fish, became somewhat cheaper, helped by an increasing supply and fewer disruptions in supply. On a monthly basis, consumer prices in China remained unchanged.
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It was also announced that producer prices in the world’s second largest economy rose by 6.1 percent in June. That is somewhat less strong than in May, when it was a 6.4 percent increase in the prices charged by Chinese manufacturers for their products.
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