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MNI BRIEF: China's NDRC Taps Pork Reserve to Curb Inflation

MNI (BEIJING)
MNI (Beijing)

China released more pork reserves in an attempt to cool prices of the popular meat that helped drive September's CPI to a 2.8% y/y rate, a statement on the National Development and Reform Commission social media account said on Wednesday.

The reserve release was prompted by an assessment that pork prices were in a “warning range” and at a “historic high”, the NDRC said.

Pork prices increased 36% y/y in Sep due to seasonal demand and a reluctance by farmers to sell. Farmers need to maintain normal rearing cycles and should not hold back on selling which leads to price instability, the NDRC said. (See MNI BRIEF: China Sep CPI Rises 2.8%; Highest Since April 2020).

Reserves of key commodities would be increased to maintain price and supply stability, the NDRC told reporters on Monday. (See MNI BRIEF: China Growth Recovering, Investment Welcome - NDRC).

China headline 2.8% inflation was viewed by analysts as masking weak domestic demand given core inflation increased by 0.6%. (See MNI BRIEF: Pork Prices Boost China CPI, Masks Weak Demand - Analyst)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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