December 3, 2007

China: Rising prices of pork and other meat worsens inflation

China's pork prices, which are expected to remain high in the near term, would add to rising inflationary pressures next year.

Yao Jingyuan, chief economist at the National Bureau of Statistics, said that the price of pork, a big contributor to the surge in the consumer price index (CPI) this year, would be unlikely to ease anytime soon.

In October, meat and poultry prices were up 38.3 percent year-on-year. 

Yao pointed out that the price pressure was generally due to rising labour costs, oil and food, although he noted that price rises were not seen across the board.

China's CPI rose 6.5 percent on-year in October, and was up 4.4 percent in the 10 months to October, according to the National Bureau of Statistics.