Porkflation Begins

The Chinese CPI climbed 0.1 percent in April and 2.5 percent in the past 12 months, the latter uptick mainly thanks to the year-on-year comparison. This is the first month where pork inflation really hit the CPI. Pork increased 1.6 percent month-on-month; beef and mutton fell 0.4 percent and 0.5 percent respectively. In the first third of the year, pork prices have risen 2.4 percent, beef 7.0 percent, mutton 10.6 percent. Long story short, China's CPI is at a baseline, pork isn't driving the CPI yet, but pork prices are starting to move.

Caixin: Update: China’s Consumer Inflation Hits Six-Month High in April
Consumer inflation in China hit a six-month high in April, driven mainly by a faster rise in food prices, especially pork prices, official data showed Thursday.

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