CNN: Food prices are soaring in China because of the coronavirus and swine fever
The coronavirus outbreak is driving up the cost of food — and almost everything else in China — adding to the pressure on household budgets.
China's consumer price inflation hit 5.4% in January, according to the country's National Bureau of Statistics on Monday. Prices rose last month at their fastest rate since October 2011, when China was battling to control months of soaring inflation.
Food, which makes up nearly a third of spending by Chinese consumers, is spiking the most. Pork — a mainstay in the Chinese diet that is already under pressure because of a devastating pig disease — skyrocketed a staggering 116% compared to a year ago. Vegetables were 17% more expensive.
Other items saw modest price rises by comparison: Health care was 2.3% more expensive, for example, while clothing prices rose 0.6%.
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WNU Editor: These numbers are from January. February numbers are projected to be even worse.
More News On Food Prices 'Exploding' In China
China says pork prices surged 116% in January from a year ago -- CNBC
China inflation rises as virus disrupts supply chains -- Bangkok Post/Bloomberg
Coronavirus Helps Drive China’s Consumer Prices to Highest Level in Over Eight Years -- Wall Street Journal
Chinese inflation hits eight-year high as coronavirus anxiety climbs -- Yahoo Finance
China’s consumer inflation at eight-year high, but factory gate prices stay subdued -- SCMP
China Suddenly Has Another Major "Virus" Problem, As Soaring Food Prices Put A Lid On Central Bank Intervention -- Zero Hedge
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