BEIJING: The rapid spread of the coronavirus in China has failed to dampen a scorching pork rally, with prices heading toward a record high on supply concerns in the world’s biggest meat consumer. Pork prices surged 116% from a year earlier in January, after almost doubling in December, according to data from the National Bureau of Statistics. Wholesale prices, which are just 4% below their record high in November, were boosted by lower supplies due to African swine fever and transport restrictions following the coronavirus outbreak. China’s consumer prices rose the fastest in more than eight years last month, with food prices jumping the most since 2008. Poor restocking earlier this year could lead to a drop in domestic output of poultry, which is often used to substitute pork, Lin said.

Source: The Star February 10, 2020 10:07 UTC