In China, pork prices determine inflation rates. The meat is a local staple and has the largest weighting in food costs. A price rally that started earlier this year is continuing. Food producers may have to pick up the pricey tab.
Hog prices have risen nearly 40 per cent since March, pushing wholesale pork prices up a fifth. That is a big impact on the economy. China consumes half the world’s supply of pork.
As lockdowns in key cities such as Shanghai ease, the pick-up in consumer demand should far outpace the increase in supply that would come from normalising operations at factories and in logistics.
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