China releases pork reserves amid record high prices

06/05/2016,

The Beijing municipal government announced the release of 3 000 tonnes of pork meat from frozen reserves into the capital’s market over two months starting this week and the provision of subsidies of up to CNY 9 (USD 1.38) per kilogram of pork to vendors. The measures aim to reduce pork prices, which were at record highs in April, underpinned by high domestic demand and overall low level of stocks which have led to a surge in imports. In March the official consumer price index rose 2.3 percent year-on-year, with a rise of 28.4 percent in pork prices during the period contributing 0.64 percentage points.

Country: China