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BEIJING – China’s consumer price index increased slightly in September as food prices rose, even with a steep drop in pork prices.
China’s National Bureau of Statistics said on Thursday that the consumer price index rose 1.7% from a year ago. The figure was slightly lower than the 1.8% rise predicted by analysts at Reuters Poll, and was down from a 2.4% increase in August.
Overall food prices rose 7.9% in September from a year earlier, while fresh vegetable prices rose 17.2%.
Pork prices climbed 25.5%, but the past 12 months saw more than a 100% growth rate. Pork prices rose 52.6% year-on-year in August. According to statistics from the Bureau of Statistics, September 2019 to September print marked the slowest pace of growth.
African boar fever has reduced the swatism of China’s pig herds, leading to a shortage of staple meat for a country of 1.4 billion people.
For the first three quarters of the year, China’s pork imports doubled from a year earlier, the National Customs Agency revealed on Tuesday. During that time beef imports increased by 38.8%. In the same time period, China’s US agricultural products imports climbed 44.4% from a year earlier.
The producer price index fell 2.1% in September from a year earlier, exceeding the 1.8% decline forecast by a Reuters poll.
– CNBC’s Yen Ni Lee contributed to this story.