Inflation in China rose to its highest level in more than a year in May driven by surges in pork and fruit prices caused by the African swine fever epidemic and bad weather, official data showed Wednesday. But while prices are increasing, demand remains weak because of the trade war with the United States and economic uncertainty. The rise was “largely the result of renewed acceleration in food price inflation”, and pork supply disruptions caused by African swine fever, Capital Economics said in a note. Millions of pigs have been culled recently as the disease cuts through China and beyond, devastating global food chains and impacting pork prices from the food markets of Hong Kong to US dinner tables. The price of pork soared 18.2 percent in May, China’s NBS said.

Source: Pakistan Today June 12, 2019 17:37 UTC