Food Prices Jumped in China

Fresh vegetable prices in the world’s second-largest economy jumped by 30.6% in November from a year ago. Notably, the gains followed a 15.9% year-on-year rise in October. The price of fresh vegetables increased in China as floods and other extreme weather in recent months affected farms.

According to the National Bureau of Statistics, the supply of vegetables increased in November. However, prices were still up on a monthly basis by 6.8%. 

Analysts and investors have been watching for signs of whether rapidly rising prices, as well as other factors, might further drag down growth. 

Other food prices rose in the country last month, for an overall increase of 1.6% year on year, amid a global surge. The Food and Agriculture Organization of the United Nations released interesting details about food prices. Its international food price index surged by 27.3% year on year in November to its highest level since June 2021.

China and interesting details

In China, the price of eggs increased by 20.1% in November from a year ago based on the information provided by the statistics bureau. Last month, the price of freshwater fish rose by 18%. 

Pork is very popular across China. So, its price is significant for millions of people. Its price remained well below last year’s highs, with a year-on-year decline of 32.7% in November. Nonetheless, pork prices rose 12.2% from October.

In November, the consumer price index rose by 2.3%. This index is very sensitive to pork prices. In 2021, the consumer price index reached record levels as commodity prices jumped.

The consumer price index surpassed expectations in November. It jumped by 12.9%, topping expectations of a 12.4% increase. Nevertheless, November’s level marked a slowdown from October, when the consumer price index climbed 13.5%.

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