Soaring pork prices keep Chinas inflation at 7-year high

Soaring pork prices keep Chinas inflation at 7-year high
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January 9th, 2020 | Kinsey Senkel

Soaring pork prices that nearly doubled in December kept Chinas inflation at a seven-year high despite government efforts to ease meat shortages caused by a disease outbreak.

Surging inflation adds to challenges for communist leaders who are trying to reverse a slowdown in economic growth and resolve a tariff war with Washington.

Government data showed pork prices rose 97% over a year earlier despite increased imports of Chinas staple meat and the release of supplies from stockpiles. Food costs rose 17.4% and overall consumer inflation was 4.5%, well above the ruling Communist Partys 3% official target.

Pork supplies have plunged after authorities destroyed animals and blocked shipments to stop an outbreak of African swine fever.

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