February 10, 2012
China pork prices surge 25% in January
Pork prices in China jumped 25% in January, compared to the same period last year.
China's consumer price index (CPI), a main gauge of inflation, rose 4.5% on-year in January, the National Bureau of Statistics (NBS) said Thursday (Feb 9).
The growth rate was the highest in three months, accelerating from 4.1% in December and 4.2% in November. On a monthly basis, the country's CPI increased 1.5% in January, the NBS said.
Although the unexpected rebound severed a months-long decline from a 37-month high of 6.5% in July, it will not change the CPI's downward trend for the whole year, analysts said.
The CPI increase, which was mainly boosted by food price surges in January amid the traditional Chinese Lunar New Year holiday, will see a remarkable pull-back in February, said Lian Ping, chief economist at the Bank of Communications.
Li Huiyong, chief analyst of Shenyin & Wanguo Securities, expected the country's CPI annual increase to ease to 3 to 3.5% in February.
Food prices, which account for nearly one third of the basket of goods in the nation's CPI calculation, climbed 10.5% in January from one year earlier and contributed to 3.29 percentage points in January's CPI rise.
Prices of pork, China's staple meat, soared 25% on-year in January, while grain prices jumped 6.1% from one year earlier.
On a monthly basis, the country's CPI increased 1.5% in January, the NBS said.