The global food crisis is slowly ramping up…
China’s food prices jump 9.1% in July to surge to a 7-year high.
China’s July food prices jumped 9.1% from a year ago, as the country battles soaring pork prices amid the spread of African swine fever.
In particular, pork prices rose 27% from a year ago in July while fresh fruit prices rose 39.1%, the data showed.
The July figures follow an 8.3% year-on-year jump in June. Non-food items in July were 1.3% higher, government data showed.
Chinese fruit supply has been hurt by severe weather that hurt crop production this year, sending prices of apples up sharply. China is the world’s largest producer and a major consumer of the staple fruit.
The official inflation data came after China confirmed Tuesday it will be suspending imports of agricultural products from the U.S. in response to President Donald Trump’s new tariffs.
This is really not a good sign of the oncoming financial and food crisis.