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World NewsFood prices in China up every week of October, commerce ministry says

Food prices in China up every week of October, commerce ministry says

Shoppers browse greens at a recent meals market in Shanghai, China, on Wednesday, Nov. 3, 2021.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Prices in China are rising rapidly for meals and different commodities, growing stress for policymakers tasked with retaining development secure.

Food prices in China rose every week in October, in accordance with knowledge on edible agricultural merchandise from the nation’s Ministry of Commerce.

A basket of 30 greens hit 5.99 yuan per kilogram ($2.06 a pound) in the week ended Oct. 31, up 6.6% from the prior week. In the week ended Sept. 26, the value per kilogram had been 4.39 yuan ($1.51 a pound).

The inflationary stress and the tightening trajectory of different nations’ financial coverage will restrict the scope China has to ease its financial coverage, mentioned Bruce Pang, head of macro and technique analysis at China Renaissance.

Limited means to ease financial coverage means China would require extra help from fiscal and industrial insurance policies to forestall stagflation, Pang mentioned. He expects the financial system can nonetheless develop by about 4% to five% in the fourth quarter.

Food inflation knowledge deleted

Consumers beneath stress

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The producer worth index, a measure of manufacturing prices for factories, rose by a report 10.7% in September from a 12 months in the past. Surging uncooked supplies prices have minimize into producers’ earnings.

The producer worth index possible set a brand new report of between 11% to 12% year-on-year development in October, Pang mentioned. That’s based mostly on his calculations from knowledge launched over the weekend as half of the official Purchasing Managers’ Index for October.

Sluggish actual property market

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