Tuesday, November 19, 2019 | ePaper

China inflation surges as pork prices soar

  • Print
AFP, Beijing :
China's consumer inflation accelerated at its fastest pace in almost six years in September as African swine fever sent pork prices soaring nearly 70 percent, official data showed Tuesday.
Authorities have gone as far as tapping the nation's pork reserve to control prices of the staple meat, as the swine fever crisis could become a political and economic liability for the state.
The consumer price index (CPI) - a key gauge of retail inflation - hit 3.0 percent last month, the National Bureau of Statistics (NBS) said, up from 2.8 percent in August and the highest since since November 2013.
Analysts in a Bloomberg news poll had forecast 2.9 percent.
The rise was caused by food price inflation, particularly disruptions to pork supply, Capital Economics said in a note. The price of pork soared 69.3 percent on-year in September, the NBS said.
Beijing's official statistics say around one million pigs have been killed since the first outbreak of swine fever in August but that is widely considered to be an underestimate.
This in turn has also pushed up prices of other meats including beef, chicken and duck and eggs by up to 19 percent as consumers switched to other sources of protein.
"Looking ahead, consumer price inflation should continue to accelerate in the coming months as supply disruptions continue to push up pork prices and as the drag from lower oil prices eases," said Martin Lynge Rasmussen from Capital Economics.
Producer prices, however, continued to slide for the fifth straight month, hit by weakening demand and mounting trade tensions with the US.
The producer price index (PPI) - an important barometer of the industrial sector that measures the cost of goods at the factory gate - contracted 1.2 percent in September from the previous year, the NBS said.
A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy.
This in turn could lead to a drop in prices globally.

More News For this Category

Md. Abdul Halim Chowdhury, Managing Director of Pubali Bank Limited, receiving the Crest & Tax Card from Md. Mosharraf Hossain Bhuiyan, Chairman of National Board of Revenue (NBR), as the highest tax-payer in the banking category under the large tax payers' unit in   2018-19 tax year at a hotel in the city recently. Prime Minister's Economic Affairs Adviser Dr. Mashiur Rahman and high officials of the bank were also present.

Md. Abdul Halim Chowdhury, Managing Director of Pubali Bank Limited, receiving the Crest & Tax Card from Md. Mosharraf Hossain Bhuiyan, Chairman of National Board of Revenue (NBR), as the highest tax-payer in the banking category under the large tax payers' unit in 2018-19 tax year at a hotel in the city recently. Prime Minister's Economic Affairs Adviser Dr. Mashiur Rahman and high officials of the bank were also present.

Johnson to tell business chiefs he will end uncertainty

Reuters  :British Prime Minister Boris Johnson will tell business leaders on Monday that his pledge to take Britain out of the EU swiftly will end uncertainty and boost the economy,

Rasedul Hasan, Executive Director of Oceania Region of PRAN Export, receiving the Australia-Bangladesh Business Council (ABBC) Award-2019 from Australian Immigration Minister David Coleman organized by Australia-Bangladesh Business Council at Shangri-La Hotel in Sydney on Friday. Tipu Munshi, Commerce Minister of Bangladesh and Mohammad Sufiur Rahman, High Commissioner of Bangladesh to Australia, among others, were also present.

Rasedul Hasan, Executive Director of Oceania Region of PRAN Export, receiving the Australia-Bangladesh Business Council (ABBC) Award-2019 from Australian Immigration Minister David Coleman organized by Australia-Bangladesh Business Council at Shangri-La Hotel in Sydney on Friday. Tipu Munshi, Commerce Minister of Bangladesh and Mohammad Sufiur Rahman, High Commissioner of Bangladesh to Australia, among others, were also present.

China to raise retail fuel prices

UNB News Beijing :China will raise the retail prices of gasoline and diesel from Tuesday, the country's top economic planner said Monday.Based on recent changes in international oil prices, the

US expected to grant Huawei 90-day license extension

Reuters :The Trump administration is set to issue a 90-day extension of a license on Monday allowing US companies to continue doing business with China's Huawei Technologies Co Ltd, two

Asifuzzaman Chowdhury, Director of United Commercial Bank (UCB) Limited, inaugurating its 191st branch at Shantirhat in Chattogram recently. Mohammed Shawkat Jamil, Managing Director of the bank and local elites were also present.

Asifuzzaman Chowdhury, Director of United Commercial Bank (UCB) Limited, inaugurating its 191st branch at Shantirhat in Chattogram recently. Mohammed Shawkat Jamil, Managing Director of the bank and local elites were also present.

PM seeks larger UAE investment in BD

BSS, Abu Dhabi :Prime Minister Sheikh Hasina today sought both public and private investment from UAE in larger volume in potential sectors such as RMG, IT, agriculture and special economic

Govt working for sustainable industrialization in grassroots: Humayun

Economic Reporter :Industries Minister Nurul Majid Mahmud Humayun has said the government is working for developing the country by ensuring sustainable industrialization in grassroots."Kushtia BSCIC Industrial City will be expanded

New bankers asked to start profession with service attitude

Economic Reporter :Senior bankers asked their newly recruited colleagues to start their profession through showing skills during discharging duties as it is inevitable for attaining success in the banking sector

Kazi Akram Uddin Ahmed, Chairman of Standard Bank Limited, presiding over its 320th Board of Directors Meeting at the bank's head office in the city on Monday. Kamal Mostafa Chowdhury, Ashok Kumar Saha, Ferozur Rahman, S A M Hossain, Mohammed Abdul Aziz, Md. Zahedul Hoque, Ferdous Ali Khan, Mohd. Yousuf Chowdhury, Md. Abul Hossain, Najmul Huq Chaudhury, Md. Nazmus Salehin, Directors and Md. Tariqul Azam, Managing Director of the bank were also present.

Kazi Akram Uddin Ahmed, Chairman of Standard Bank Limited, presiding over its 320th Board of Directors Meeting at the bank's head office in the city on Monday. Kamal Mostafa Chowdhury, Ashok Kumar Saha, Ferozur Rahman, S A M Hossain, Mohammed Abdul Aziz, Md. Zahedul Hoque, Ferdous Ali Khan, Mohd. Yousuf Chowdhury, Md. Abul Hossain, Najmul Huq Chaudhury, Md. Nazmus Salehin, Directors and Md. Tariqul Azam, Managing Director of the bank were also present.