China's Consumer Prices Rise 4.5% in December... Impact of Pork Price Increase

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] China's Consumer Price Index (CPI) in December last year rose 4.5% compared to the same period last year. The price of pork increased by 97.0%, contributing to the inflation.

According to Bloomberg, statistics released by the National Bureau of Statistics of China on the 9th showed that pork prices rose due to African swine fever, leading to an increase in prices. The CPI growth rate was the same as the previous month and was lower than Bloomberg's compiled market forecast of 4.7%.

Looking at the detailed items, food prices jumped 17.4%. In particular, as pork prices rose, prices of other meats also increased. Beef, lamb, chicken, duck, and eggs rose between 7.3% and 20.4%. Vegetable prices increased by 10.8%. Non-food prices rose by 1.3%.

The Chinese government is making efforts to stabilize pork prices ahead of the Lunar New Year this month by increasing meat imports and releasing frozen pork reserves consecutively.

The Producer Price Index (PPI) for the same month fell 0.5% compared to the same period last year. China's PPI has been declining for six consecutive months. Due to the impact of the US-China trade war and economic slowdown, manufacturers are facing difficulties.

This content was produced with the assistance of AI translation services.