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Report: Food prices in China continue to climb; flooding adds to uncertainty
Elevated food prices are just one of the many new challenges China faces in the wake of the coronavirus outbreak, according to a CNBC report.
Food prices in China in June were 11 percent higher than a year ago. CNBC says Chinese authorities have been closely monitoring food prices as they are an important aspect of maintaining social stability in China.
One of big reasons for the increase is a continued shortage of pork. Pork prices have more than doubled over the last 18 months as African swine fever caused a shortage of the Chinese meat staple. Pork prices remained elevated in June, up nearly 82 percent from a year ago.
Heavy rains and flooding in parts of China have added to the uncertainty. CNBC says 29-thousand homes have been destroyed and there have been more than two million emergency relocations because of flooding.
Nutrien Ag Solution meteorologist Eric Snodgrass told Brownfield this week that the flooding has impacted nearly 20 percent of China’s productive farmland.
Chinese President Xi Jinping recently described the flood situation as “grim”.
