Market Overview

Pork Prices Skyrocket 110% In China, Consumer Prices Rise 4.5%

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Pork Prices Skyrocket 110% In China, Consumer Prices Rise 4.5%

Inflation in China rose to its highest level in eight years in November, in part due to the price of pork more than doubling yet again in a single month, CNBC reported.

African Swine Fever Sends Pork Prices Higher 

China's National Bureau of Statistics said pork prices were higher by 110% year-over-year in November, which marks an acceleration from October, when pork prices rose 101% year-over-year, according to CNBC.

China, the world's largest pork-consuming country, has seen its pork supply hit hard by African swine fever.

Overall consumer prices in China rose by 4.5% in November.

Canadian Pork Imports Resume 

Pork prices in China could reverse soon, as there are early indications that the African Swine Fever outbreak is under control.

American pork exports to China hit record highs in October, and Beijing approved a resumption of pork imports from Canada in November.

Non-food inflation in China came in below the 12-month average, and core inflation, which excludes food and energy prices, was lower in November, the South China Morning Post quoted Julian Evans-Pritchard, senior China economist at Capital Economics, as saying in a note.

Tariffs Could Be Delayed

The U.S. appears to be one step closer to delaying tariffs scheduled to take effect Dec. 15.

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Posted-In: African Swine Fever China foodNews Commodities Econ #s Markets Media Best of Benzinga

 

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