‘Tis the season in China when whole hams and cured sausages should be flying off the shelves as households prepare for the Lunar New Year, the biggest festival in the nation’s calendar.
But as hundreds of millions grapple with an unprecedented Covid outbreak, the country’s fondness for the celebratory dishes that usually accompany gatherings with friends and family is in deep freeze. The price of pork, China’s favorite meat, has plunged.
Pork is China’s staple protein, accounting for about 60 percent of all meat consumed in the world’s most populous country, according to McKinsey & Co. Raising hogs is a business that includes millions of family smallholders, to giant agricultural concerns, to the trading houses that ship animal feed from farmers as far afield as the US and Brazil to fatten the world’s biggest herd.
The ramifications extend beyond the domestic hog industry. Pork is a key food component in the consumer price index, so falling prices will be welcomed by a central bank wary of the inflationary impact of China’s reopening. The latest figures for December showed pork inflation decelerating on year, and contracting on a monthly basis. But the foreign farmers that supply animal feed will be less sanguine. China’s import bill for soybeans alone topped $60 billion last year.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Lunar New Year travel to boost economy after COVID crunchUrban workers crowded train stations across China’s largest cities on Tuesday as travel for Lunar New Year holidays hit high gear, an early sign of economic recovery as officials confirmed a plunge due to COVID-19 curbs.
Read more »
Giant legs of Vietnam’s ‘dragon chicken’ a Lunar New Year delicacyOn a farm close to Hanoi, Le Van Hien picks out the best bird among his flock of “dragon chickens” — a breed with legs as thick as a brick that can fetch up to $2,000 a head. | AFP
Read more »
CDO city gov’t, Fil-Chinese community join hands for Lunar New Year celebrationMayor Rolando Uy (in red shirt and sandals) joins the dancers performing the dragon dance in front of the Cagayan de Oro City Hall during the start of the week-long celebration of the Lunar New Yea…
Read more »
Heartfelt Lunar New Year Gatherings in Shangri-La Mactan, CebuHop into the Year of the Water Rabbit with exclusive offers perfect for joyful reunions with friends and family! Shangri-La Mactan, Cebu has prepared Authentic Asian Culinary Sets, A la Carte
Read more »
LOOK: Giant legs of Vietnam's 'dragon chicken' is a Lunar New Year delicacyThe key to the taste of the Dong Tao chicken is its diet of corn and rice and the freedom to roam, according to a Vietnamese poultry farmer
Read more »
Lunar New Year celebration at Park Inn by Radisson North EDSA | BMPlusWelcome the Year of the Water Rabbit at Park Inn by Radisson North Edsa! Let the Lunar New Year inspire you to embrace a fresh start. We invite you and your family to celebrate and usher the Year of the Water Rabbit with delightful memories at Park Inn by Radisson…
Read more »