China consumer prices hit a two-year high
Customers buying pork at a food market in Shanghai, China. Prices of pork, a food staple in China, rose by 20.2% in July 2022 compared to a year ago, official data showed. Qilai Shen | Bloomberg | Getty Images BEIJING — China's consumer price index hit a two-year high in July as pork prices rebounded, according to official data released Wednesday. Prices of pork, a food staple in China, rose by 20.2% in July from a year ago. It marked the first increase since September 2020, according to official data accessed through Wind Information. In fact, pork prices posted their largest month-on-month surge on record — up by 25.6%, the data showed . Farmers' reluctance to sell — in hopes of getting higher prices in the future — contributed to July's pork price surge, said Bian Shuyang, agricultural products analyst at Nanhua Futures, in a statement. Looking ahead, Bian expects it will be difficult for pork prices to surpass July's levels. Two Chinese holidays in September ...