Trade Pork prices vs. monetary policy By Ngoc Khanh Sunday, Dec 1, 2019,14:03 (GMT+7) Pork prices vs. monetary policyBy Ngoc Khanh Pork counter at a supermarket in HCMC. It is customary for Vietnamese to consume pork, considering it a staple food. As a result, pork prices have risen remarkably while those of other meat like poultry have plunged to a record low recently – PHOTO: THANH HOA Can the prices of pork destabilize the monetary policy formulated by the central bank in Vietnam? Data available from the General Statistics Office (GSO) show that the African swine fever has spread to all 63 provinces and cities of Vietnam, forcing the culling of some 5.7 million pigs. By October, Vietnam’s total hog herd had plunged by a fifth year-on-year. Following its outbreak, African swine fever cut pig prices for four consecutive months, from March to June, as farming households tried to sell off their pigs to cut loss. However, pork prices made a U-turn in the four months that followed, from July to October. Notably, in October alone, the retail price of pork rose by almost 8%, and has shown no signs of easing. Currently, pig prices are hovering around VND70,000 per kilogram, soaring around 30%… Read full this story
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