China's consumer price index likely rose 2.4% in June from May's 2.1% amid rapidly higher pork prices, as breeding companies are reluctant to sell when the prices are seen as bullish, the Securities Dailly reported citing analysts.
Key takeaways
“The average wholesale price of pork nationwide is CNY26.69 per kg on Wednesday, which has increased by about 26% from June 1, the newspaper said citing data by the Ministry of Agriculture and Rural Affairs.”
“The National Development and Reform Commission is releasing pork reserves and meeting with major breeding companies to safeguard supply and stabilise prices this week.“
This comes ahead of China’s latest CPI data due for release on Saturday.