China’s Inflation Rate Hits Two-year High

This was driven by rising pork prices and inclement weather’s impact on China’s farmers.

The nation’s consumer price index (CPI), which serves as the primary barometer for retail inflation, reached 2.8 percent in September, up from 2.5 percent in August. The figure is the highest since April 2020, when the nation only began recovering from its initial round of Covid-19 lockdowns. It also follows weeks of record temperatures above 40 Celsius (104 Fahrenheit), China’s hottest summer, resulting in a devastating drought in August.

According to the NBS, the price of pork, which is the most popular meat in China, has increased by 36 percent. In recent months, the Chinese government has made many draws from its pork stockpiles in response to rising prices, raising fears about inflation.