Chinese pork prices surge to new high prompting authorities to act

Pork costs in China, the world's biggest consumer, rose an average of 22.5% last month

The price of Chinese pork surged to a new high in August, prompting authorities to take the year's first dip into national meat reserves to ensure supply for the holidays.

Pork costs in China rose an average of 22.5% last month, compared with last year. It followed the highest recorded month-on-month increase of 25.6% in July, as CPI also hit a two-year high of 2.7%. August's rise occurred despite an unexpected slowdown of CPI inflation to 2.5%.