In this file:

 

·         China says pork prices surged 116% in January from a year ago

… accelerating from December’s 97% increase…

 

·         Food prices are soaring in China because of the coronavirus and swine fever

… consumer price inflation hit 5.4% in January, according to the country's National Bureau of Statistics on Monday. Prices rose last month at their fastest rate since October 2011…

 

 

 

China says pork prices surged 116% in January from a year ago

 

o   Pork prices in China surged 116% in January from a year ago, accelerating from December’s 97% increase, according to data from the National Bureau of Statistics.

o   That drove the country’s food prices up by 20.6% year-over-year in January, and helped push overall consumer inflation to 5.4% over the same period, the data showed.

o   The bureau said last month’s year-on-year jump in consumer prices was due to the Lunar New Year festivities, an outbreak of a new coronavirus and lower base of comparison with last year’s prices.

 

Yen Nee Lee, CNBC 

Feb 9 2020

 

Pork prices in China surged 116% in January from a year ago, accelerating from December’s 97% increase, official government data showed on Monday.

 

That drove the country’s food prices up by 20.6% in January compared to a year ago, and helped push overall consumer inflation to 5.4% over the same period, according to data from the National Bureau of Statistics of China.

 

Analysts polled by Reuters had forecast a 4.9% year-on-year rise in consumer prices.

 

The bureau said in a statement that last month’s year-on-year jump in consumer prices was due to the Lunar New Year festivities, an outbreak of a new coronavirus and lower base of comparison with last year’s prices.

 

China’s pork prices have been climbing on the back of an outbreak of African swine fever, which killed a large number of the country’s hog population. Demand for pork — a staple in the Chinese diet — typically increase ahead of the Lunar New Year.

 

At the same time, the ongoing coronavirus outbreak — believed to have started in Wuhan city in China — may have caused some disruptions in food supply, said Julian Evans-Pritchard, senior China economist, at consultancy Capital Economics.

 

“It appears that supply disruptions and hoarding due to the coronavirus outbreak helped to keep food prices elevated during the week after Chinese New Year, when they would normally drop back,” he wrote in a Monday note after the release of China’s January inflation data...

 

more, including links 

https://www.cnbc.com/2020/02/10/china-says-pork-prices-surged-116percent-in-january-from-a-year-ago.html

 

 

Food prices are soaring in China because of the coronavirus and swine fever

 

By Laura He, CNN Business

February 10, 2020

 

Hong Kong (CNN Business)The coronavirus outbreak is driving up the cost of food — and almost everything else in China — adding to the pressure on household budgets.

 

China's consumer price inflation hit 5.4% in January, according to the country's National Bureau of Statistics on Monday. Prices rose last month at their fastest rate since October 2011, when China was battling to control months of soaring inflation.

 

Food, which makes up nearly a third of spending by Chinese consumers, is spiking the most. Pork — a mainstay in the Chinese diet that is already under pressure because of a devastating pig disease — skyrocketed a staggering 116% compared to a year ago. Vegetables were 17% more expensive.

 

Other items saw modest price rises by comparison: Health care was 2.3% more expensive, for example, while clothing prices rose 0.6%.

 

The statistics bureau acknowledged the role coronavirus played in causing prices to surge. In a statement, it attributed the increase to the outbreak and to the Lunar New Year holiday, which was observed in January this year rather than February, as it was in 2019.

 

Economists at Citi blamed the price surge on the way the coronavirus has disrupted production and transport links.

 

Dozens of Chinese cities have been on lockdown to prevent the spread of the virus, which has killed more than 900 people and infected at least 40,000, mostly in mainland China. Many factories and businesses were also shut down as government officials extended the holiday.

 

Hoarding is also a factor, according to analysts from Capital Economics. People are rushing to buy basic necessities, fearful of how long they may be stuck in their homes, state-owned media outlet Xinhua reported last week.

 

Analysts at Nomura expect inflation to taper off a little in February, adding that the timing of the Lunar New Year holiday distorted the figures somewhat. But they said they expect the coronavirus outbreak to keep the consumer price index above 4% because of hoarding by households and supply shocks attributable to the lockdowns.

 

The government, aware of how high inflation could spark public discontent, announced Monday that it would increase imports of meat...

 

more, including links 

https://www.cnn.com/2020/02/10/economy/china-food-prices-coronavirus-pork/index.html