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China dips into pork reserves as rising prices fan inflation fear

AFP . China 
01 Oct 2022 00:00:00 | Update: 01 Oct 2022 00:16:20
China dips into pork reserves as rising prices fan inflation fear

China released more pork reserves Friday, state media said, after prices of the staple meat soared by almost a third, triggering inflation concerns.

Beijing’s top economic planner has already dipped into the state reserves three times this month and has ordered suppliers to slaughter more pigs in a bid to rein in costs.

But prices have continued to rise and a possible spike in demand over the week-long national day holiday in early October, has forced officials to respond. 

“China will release more pork from government reserves to the market on Friday to maintain supply and price stability,” official People’s Daily reported.

Pork is the most commonly consumed meat in China, with the average person in the country eating more than 25 kilogrammes per year, according to OECD data.

“From September 19-23, the weekly average retail price of lean meat in 36 large and medium-sized cities increased by 30 per cent compared with the same period last year,” the National Development and Reform Commission said in a statement Tuesday.

Pork prices in the country have continued to rise since mid-March, despite government intervention, hitting 31.17 yuan ($4.40) a kilo last week.