Within a year, pork prices in China hiked 69.3%. After an outbreak of African swine fever, the country experienced a shortage of meat that is causing an increment in pork prices. In August 2019, hike in pork prices was 46.7% but it is lower than September 2019. This quick jump in the pork prices pushed up food prices in China by 11.2% in September and accelerated from previous months’ 10% gain. China’s overall consumer prices are increasing due to increased pork prices. In September, China’s consumer price index increased 3% year on year and it is highest in the last six years.
The factory prices measured by the producer price index fell by 1.2% in the country. China is the largest consumer of pork in the world and meat plays a primary role in the Chinese diet. Though China is the world’s second-largest economy, the rise in pork prices since the last year is continuous and it is hurting the budget of consumers. Chinese authorities realized that increasing the pork supply in the country is currently a major political task for them.
Chinese authorities have acknowledged tests such as strengthening pig farms and releasing pork from reserved places. But there are few chances that these measures would be effective. Pigs are continuously dieing in large numbers and pork price inflation is accelerating. Half of the domestic pig population in the country has died due to swine fever outbreak and by the end of this year, pig herds are predicted to get half.
