China dips into pork reserves amid rising prices
China released more pork reserves on Friday, state media said, after prices of the staple meat soared by almost a third, triggering inflation concerns. Beijing's top economic planner has already dipped into the state reserves three times this month and has ordered suppliers to slaughter more pigs in a bid to rein in costs. But prices have continued to rise and a possible spike in demand over the week-long national day holiday in early October, has forced officials to respond. "China will release more pork from government reserves to the market on Friday to maintain supply and price stability," official People's Daily reported. Pork is the most commonly consumed meat in China, with the average person in the country eating more than 25 kilos per year, according to OECD data. Pork prices in the country have continued to rise since mid-March, despite government intervention, hitting 31.17 yuan a kilo last week. Consumer inflation on the mainland reached a two-year high of 2.7 percent in July –largely because of surging pork costs – before cooling slightly to 2.5 percent in August as Covid-related restrictions dampened overall demand, official data showed. The central government keeps massive stores of frozen pork in warehouses, occasionally releasing reserves to stabilise prices, especially during periods of peak demand including Lunar New Year. (AFP)