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China's Farm Produce Prices Drop Again

27 March 2013

CHINA - Prices of edible farm produce in 36 major Chinese cities have declined for five consecutive weeks, new official data has showed.

The Ministry of Commerce said Tuesday (26 March) in an online statement that the wholesale price of pork, the country's staple meat, fell one per cent week on week, while the price of beef saw a 0.1-per cent rebound since the previous week.

Prices of mutton and chicken also dropped 0.1 per cent week on week, according to the statement.

Average wholesale prices for 18 vegetables on the monitored list followed the trend, declining 2.2 per cent week on week.

The ministry attributed the decline to abundant supplies of vegetables in north China.

Retail prices for cooking oil also dipped while those for rice and flour rose 0.4 per cent and 0.2 per cent week on week, respectively.

Food prices account for about one-third of the prices used to calculate China's consumer price index, a main gauge of inflation.

China's CPI grew by a 10-month high of 3.2 per cent in February, due to rising food prices during the Spring Festival, according to data released by the National Bureau of Statistics on 9 March.

ThePigSite News Desk

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