Prices of pork increased in October though the Chinese authorities have used the pork reserves to stabilize the market.
On November 9, China’s National Bureau of Statistics released October’s mainland consumer price index (CPI).
Data shows that the CPI rose 2.1% year-on-year in October, or 0.7 percentage points lower from September.
It is noteworthy that food prices rose 7.0% last month, of which the cost of livestock and meat hiked 23.6%, affecting the CPI rise by about 0.72 percentage points.
Among foodstuffs, pork is the heaviest weight in China’s consumer price index. Data shows that the price of pork rocketed 51.8% in October, affecting the CPI rise by about 0.64 percentage points.
China is the world’s largest consumer of pork, using it as a staple in a wide variety of dishes. So pork affects almost all Chinese people’s livelihoods.
Regarding the significant increase in the pork price, a Jiangsu netizen nicknamed “0519Hardy” teased: “Pork can only be smelled~.”
A Beijing netizen, “wBtTN1,” said: “Anyway, the cafeteria has not seen pork for a long time.”
Pork prices have been rising recently, forcing the Chinese government to tap the national reserves to stabilize prices.
In September, Beijing announced the release of a batch of frozen pork reserves to add more supplies to the market.
However, meat merchants warned that the release of frozen pork reserves might only help a little because Chinese people often prefer fresh pork to frozen.
According to the National Bureau of Statistics, last month, non-food prices rose 1.1% year-on-year, affecting the CPI rise by about 0.88 percentage points.
The bureau released the industrial producer price (PPI) for October on the same day. The data showed that the PPI declined 1.3% year-on-year after rising 0.9% in September.