China’s consumer prices rose further in November, driven largely by spiraling pork prices, as African swine fever continued to take a toll on the country’s pig population, data released on Tuesday showed, reported the South China Morning Post.
The consumer price index (CPI) rose to 4.5% from a year earlier, up from a 3.8% gain in October, the highest reading since reaching the same level in January 2012, according to the National Bureau of Statistics.
China’s consumer prices have steadily increased all year having stood at 1.9% in January. The highest CPI reading on record was the 8.2% recorded in March 2008 during the global financial crisis.
November’s gain was again driven by soaring prices for pork, which rose 110.2% from a year earlier. China, the world’s largest consumer of pork, has been grappling with a massive shortfall in supply due to the African swine fever crisis, which is predicted to wipe out half of China’s pig population by the end of this year.