BEIJING: China’s consumer prices grew a bit faster in September amid rising food prices driven by record heat waves, seasonal pork price increases and a spike in holiday grocery demand.
During the month, the consumer price index (CPI), a key gauge of inflation, rose 2.8 percent compared with a year ago, said the National Bureau of Statistics (NBS) on Friday.
The latest consumer inflation data is in line with Reuters’ forecast, increasing a 0.3 percentage point from the previous month. On a monthly basis, the CPI was up 0.3 percent, following a 0.1-percent fall in August. Food prices jumped 8.8 percent year on year, quickening from a 6.1-percent increase in August, according to the NBS.
Pork prices surged by 36 percent, up 13.6 percentage points over the previous month.
“Pork prices continued to rise as a result of the seasonal recovery in pork consumption demand and farmers’ reluctance to sell at lower prices,” said Dong Lijuan, a senior NBS statistician.
“However, due to measures such as the release of pork from national reserves, the growth of pork prices slowed in mid-to-late September,” Dong said, adding that the monthly pork price increase stood at 5.4 percent.
On September 13, China’s top economic planner, the National Development and Reform Commission, announced the release of additional pork into the market from central reserves to “ensure pork supplies and maintain stability in prices,” vowing there would be another batch of pork releases later this year if necessary.
The prices of fresh vegetables and fruits rose by 12.1 and 17.8 percent year on year, respectively, per NBS data.
Dong said the jump in vegetable prices was due to high temperatures and less rainfall. The fruit-price increase was caused by rising consumer demands during holidays, she said.
–The Daily Mail-China Daily news exchange item
