Chinese inflation moderated last month, data showed yesterday, as a slowdown in the surging price of pork tempered food costs.
The consumer price index (CPI) hit 2.4 percent, in line with forecasts and below the previous month’s reading, as pork saw its slowest increase in a year, while analysts said that the easing could also be attributed to a high base comparison.
Dong Lijuan (董莉娟), senior statistician at the Chinese National Bureau of Statistics, which released the figures, said that pork supplies had improved, but added that the cost of other meats also rose, “affected by factors such as rising feed costs, recovery in demand and rising pork prices.”
The price of pork, a staple in China, has been soaring for more than a year after the country’s pig herds were ravaged last year by African swine fever, which forced the culling of at least 1 million animals.
The meat’s price last month rose 52.6 percent year-on-year, a slowdown from the 85.7 percent surge in July and more than 100 percent earlier in the year.
“The falling CPI inflation was mainly driven by a sharp slump in pork prices on-year, thanks to a high base and rising weight of pork in the CPI basket,” Nomura Holdings Inc chief China economist Lu Ting (陸挺) said.
A national campaign to curb mounting food waste last month sparked speculation that the country’s food supply outlook is worse than the government admits — exacerbated by swine fever, the COVID-19 outbreak and this year’s heavy flooding which destroyed huge swathes of farmland.
Customs data published earlier this week showed that Chinese meat imports had increased more than 70 percent this year.
The bureau said that industrial production continued to improve, and prices of commodities such as oil, iron ore and non-ferrous metals grew — allowing for improvements in the producer price index (PPI).
The PPI, which measures the cost of goods at the factory gate, fell 2 percent last month, largely in line with forecasts.
Factory gate prices had previously been dragged by fallout from the COVID-19 pandemic, but started rising again in June — with analysts noting a recovery in industrial demand.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
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Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
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