Pork prices in China are pressuring inflation
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Beijing’s revenge move comes after the U.S. hiked tariffs to 25% from 10% on $200 billion worth of goods, a move that was supposed to occur on March 1 but was deferred on good faith that trade negotiations were going somewhere. Apparently they are going nowhere as President Trump ordered his trade representative to prepare for tariffs on everything China sells to the U.S.
MARA press officer Wang Junxun said there was a risk of a more severe shortage in hog supply in coming quarters. In an ideal world, this would be a bonanza for the U.S. China’s inflation is hog wild, but only insofar as pork meat is a huge headwind to headline CPI there. The 2.5% inflation rate of April was still in line with consensus forecasts.Pork price inflation rose 14.4% year-over-year in April after rising 5.1% in March.
Vegetable price inflation rose to 17.4% annualized in April after rising 16.2% annualized in March. The first quarter saw prices up nearly 7% for China veggies, a little less than the 7.1% last year. Monthly prices for vegetables are in decline, however.
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