The other anti-inflationary disease in the region is covid-19. Many parts of Asia turned to living with the virus more slowly and reluctantly than in the West.
Part of the explanation lies in the spread of two diseases. An outbreak of African swine fever from 2018 to 2021 devastated the pig population in China,
he price has subsequently fallen back sharply. In mainland China, for example, the price of pork fell by more than 21% in the year to May. This helped offset inflationary pressures elsewhere in the economy.
The recent lockdowns in Shanghai and elsewhere hampered both the economy’s ability to supply goods and its consumers’ willingness to buy them.
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