African Swine Flu Leads to Inflation in Pork Prices in China and Europe
Having the potential to become a financial and political liability for China, the African Swine Flu has led to an Inflation in the pork prices of the country.
As per National Bureau of Statistics (NBS), in comparison to the previous year, the consumer price index of China has risen by 3 percent which is 0.1% more than what the analysts estimated. Food costs are undergoing significant rise as the African Swine Flu has disturbed the hog supplies of the country.
The month of August saw pork prices rising to 46.7 percent. Due to the 69.3 percent hike in prices in September, the food price index reached up 11.2%.
The Chinese government has been making regular efforts to do away with the African Swine Flu that has affected many pigs in China. Multiple policies have been introduced trying to eradicate the disease from their herd. Almost 900 breeding pigs have been brought from Denmark via air. In many areas like the north-western province of Gansu, the government has banned the transport of live pigs and related products both inside and outside the blocked area.
However, many analysts are still estimating that the pork prices will experience a significant high in the coming months due to the inevitability of disease-free pigs and the rising trade tensions between US and China.
Ever since the first attack of the African Swine Flu , as many as one million pigs have been killed. The official statistics from Beijing say that the number is a rough estimate and there could be many more.
The dire need of protein consumption has forced China’s meat consumers to shift to other meats such as chicken, duck, beef and eggs leading to a 19% rise in prices.
Being one of the biggest importer of China’s pork, Europe will also be a part of the upcoming challenges. As pork prices in Europe have already jumped 35 percent since the beginning of the year to €1.82 a kg.
As per the global strategist for animal protein at Rabobank, Justin Sherrard, “European pork exports to China normally peak at the end the year ahead of Chinese new year, but there was a possibility that this year demand could continue rising beyond that because of African Swine Flu.”
Because of the fall in imports from China, US farmers are trying to meet the demand of their country on their own trying to take advantage of the hike in the demand of Chinese pork.
Apart from China, many other countries including Spain, Poland and Germany are also witnessing a hike in the pork prices.
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