Chinese consumer prices rose at the fastest pace in almost six years in September as the cost of pork soared, while factory gate prices fell for a third month as the country’s manufacturing sector remained under pressure.
China’s consumer price index rose 3 per cent year on year in September, according to the National Bureau of Statistics, the largest increase since November 2013. That was above economists’ estimates compiled by Reuters of a 2.9 per cent increase and above the 2.8 per cent growth in the preceding month.
Prices of pork, the most popular meat in China, rocketed 69.3 per cent higher year on year. The country’s pig farms have been hit by African swine fever prompting culls and increasing demand for imports from countries such as the US. The outbreak has slashed China’s pig population by 39 per cent and risks tarnishing the reputation of the ruling Communist party.