Chinese inflation hits 8-year high as pork prices double

Chinese inflation hits 8-year high as pork prices double”

China's consumer inflation climbed to almost eight-year peaks in November as pork prices doubled, but factory-gate prices remained in the red, adding to uncertainty over whether the manufacturing sector is bottoming out as trade risks persist.

The consumer price index rose 4.5 per cent last month from a year earlier, following a 3.8 per cent gain in October, the National Bureau of Statistics data showed on Tuesday (Dec 10). Pork prices alone lifted headline CPI by 2.64 percentage points in November.

Analysts surveyed by Bloomberg News had forecast an increase of 4.3 percent on-year.

Food prices grew 19.1 percent year on year last month, up from 15.5 percent in October, while non-food prices gained 1 percent, 0.1 percentage points higher than that of October.

Weak prices were mainly seen in oil and gas extraction and chemical fiber manufacturing sectors.

The twin trends of rising consumer costs and falling factory prices have caused a problem for Beijing as the government tries to steer the economy through weakening global demand and US President Donald Trump's imposition of tariffs.

Beijing has rolled out a series of measures to support growth, including reductions in market interest rates and front-loading 1 trillion yuan ($142.1bn) worth of local government special bonds issuances from the 2020 quota to this year. "The latest inflation numbers showed that a 110% rise in pork prices continued to exert upwards pressure on headline CPI while factory gate prices have continued to remain under pressure indicating a lack of internal demand".

China and the United States are negotiating a first phase trade deal aimed at de-escalating their trade dispute but they continue to wrangle over key details.

Prices for other meat consumed as pork alternatives rose between 11.8% to 25.7% on year in November, the statistics bureau said.

However, core CPI for November remained benign at 1.4%, down from 1.5% in the previous month.

Like this



10 December 2019
NASA Canceled a Historic All-Women Spacewalk for a Ridiculous Reason
In the entire history of space exploration, less than 11% of the more than 500 people who have been to space have been female. She said two of the upper parts in three available spacesuit sizes are now held at the ISS: medium, large and extra large.

10 December 2019
Ukraine summit pledges ceasefire, withdrawal of forces
The Paris meeting aimed to get a 2015 peace agreement signed by Ukraine and Russian Federation in Minsk back on track. Recent conflict between the two countries began in 2014 when Moscow annexed Crimea from Ukraine.

10 December 2019
Redmi K30 5G launched: Price, full specs, features, availability and more
Redmi has made official that the K30 will be powered by 4,500mAh battery which is a 500mAh bump from Redmi K20's 4,000mAh battery. The 5G variant is powered by the 7nm Snapdragon 765G SoC, whereas the 4G variant is powered by the Snapdragon 730G processor.

10 December 2019
Rockets hit Iraqi airbase hosting US forces, wounding 6
The airport is situated near a facility reportedly used by the US-led anti-terrorist coalition forces in Iraq. Over the past six weeks, at least nine attacks have hit United States targets.

10 December 2019
Here’s how you can use WhatsApp’s new call waiting feature
Very few VOIP services support that, though, and WhatsApp wasn't among them until now, Android Police reported on Friday. Once you have updated, the WhatsApp calling waiting is activated automatically, you don't need to do anything extra.

10 December 2019
Australia Braces For Bushfires As Strong Winds Create "Severe" Conditions
At least 2.7 million hectares of land has been burning since the start of this bushfire season, which has been dubbed the worst in nearly 25 years.

10 December 2019
Constellation Brands Executive Named New CEO Of Canopy Growth Corp
Canopy's vape products include a lineup of vape pens and their accompanying cartridges and batteries. The Canadian cannabis stock Canopy Growth has been in a transition period ever since last summer.

10 December 2019
Cavs Willing To Listen To Trade Offers For Kevin Love
Now in the midst of a reconstruction, swapping Love, 31, against younger talents or even draft picks could be a wise move. Kevin Love is arguably the best player in the Cleveland Cavaliers right now, but he might not be around for much longer.

10 December 2019
Russian Grand Prix promoters 'confident' race will go ahead despite sporting ban
However, as it stands at the Tokyo Olympics, any Russian athlete cleared to compete will have to take part as an individual. If RUSADA appeals WADA's punishment, the case will be referred to the Court of Arbitration for Sport.

10 December 2019
'Parasite' Nominated for Three Golden Globes
Song Kang Ho for Parasite and Jennifer Lopez for Hustlers , were named the Best Supporting Actor and Actress respectively. United States media also consider the film a candidate for the best picture and best director awards.