Seafood prices in China have avoided price rises seen in other foods, partially due to sluggish consumer demand.
Average seafood prices in China fell by 2.9 percent year on year in July, even as overall food prices rose by 6.1 percent according to China’s consumer price index data for the month.
The overall consumer price index (CPI) for the month rose by 2.7 percent in July compared to the same month last year. Inflation that has been hitting other major economies, including the U.S., has so far not been seen in China.
Consumer demand continues to struggle, with retail sales growth remaining sluggish in July. China's retail trade rose by 2.7 percent year-on-year in July 2022, below the 3.1 percent growth seen in June and below the figures projected by market watchers.
Lockdowns continue in cities across China as the country shows no sign of easing its zero-Covid policy, despite warnings by the World Health Organization that it is not sustainable. Meanwhile a slump in house prices and a wave of mortgage boycotts over properties left incomplete by debt-stressed developers have both created gloom around China’s economic prospects, leading to downward pressure on the Chinese currency.
Retail sales in the first seven months of the year were down 0.2 percent on the same period last year, which can be attributed partially to lockdowns in Shanghai and several other cities between March and May. China’s online retail sales rose by 3.1 percent year on year in the first half of the year.
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