The effects of African swine fever are weighing more heavily on the Chinese economy. Appeared in August 2018 in the north-east of the country, the virus has spread to most areas, leading to soaring pork prices. This sharp rise in prices is driving up inflation.
According to official statistics published this Tuesday, October 15, inflation in China reached 3% in September in annual rate. This is the highest level in six years. This figure is slightly above expectations, which placed it slightly below 3%. Analysts explain this inflation by soaring pork prices , the most consumed meat in China. In one year, its price jumped by just over 69%.
In the face of its surge, consumers are switching to other products which also causes beef to rise by almost 19% and lamb by 15.9%. In order to stem the shortage, ranchers produce huge hogs weighing nearly 500 kg, which they sell at a high price, but this will not be enough to contain the consumer price index, which will probably continue to rise because of the difficulties of selling. supply of pork.
Excluding food, inflation remains low, especially because of a drop in energy prices, fuels fell by 12%. In addition, specialists monitor production prices. Last month, they declined at their fastest pace in more than three years, a worrying sign for the world's second-largest economy, which has yet to settle its trade dispute with the United States .