BEIJING: The rapid spread of the coronavirus in China has failed to dampen a scorching pork rally, with prices heading toward a record high on supply concerns in the world’s biggest meat consumer.
Pork prices surged 116% from a year earlier in January, after almost doubling in December, according to data from the National Bureau of Statistics.
China’s consumer prices rose the fastest in more than eight years last month, with food prices jumping the most since 2008. "We expect pork prices to stay robust,” at least in the first half of the year because the number of hogs have fallen after slaughtering before the new year, said Lin Guofa, senior analyst at Bric Agriculture Group, a Beijing-based farm consulting firm. The coronavirus attack has also hurt restocking at some pig and chicken farms, Lin said.Pork prices may also get support from the negative impact of the virus on the poultry business.
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