Profiteering Suspected in 'Unusual' Market

by 5m Editor
17 January 2008, at 9:54am

HONG KONG - The Consumer Council has started an investigation into the recent spate of pork price surges. It wants to find out if wholesalers are profiteering from market conditions.

According to The Standard, lawmakers from various parties have been pressing for an investigation. They believe escalating pork prices are having a negative effect on inflation rates and need to be controlled.

Financial Secretary John Tsang Chun-wah said that current pork price fluctuations were unusual and he was concerned that the market conditions were becoming "unhealthy."

The Consumer Council has made suggestions on how to improve the situation, and will make further recommendations once its studies are complete.

Currently, wholesale pork prices at the Sheung Shui slaughterhouse have eased to about HK$1,800 per 100 catties, a sharp decrease on Tuesday's record high of HK$2,400.

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5m Editor