China's Pork Prices Flat Last Week

by 5m Editor
11 August 2011, at 11:18am

CHINA - China's pork prices were unmoved week-on-week for the week ending 7 August after declining for two straight weeks, the Ministry of Commerce (MOC) said yesterday.

High pork prices have become a huge concern for the country, as the consumer price index, the main gauge of inflation, rose to a 37-month high of 6.5 per cent in July. Pork prices soared by nearly 57 percent during the period, according to the National Bureau of Statistics.

Meanwhile, wholesale prices of 18 staple vegetables continued to drop, down 2.8 per cent last week from the previous week due to sufficient supplies. But the MOC has forecasted that declines will be smaller in the future due to the effects of tropical storm Muifa, which affected the country's eastern coastal areas last week and disrupted local production and transportation.

The wholesale prices of eight types of aquatic products fell 0.2 per cent week-on-week, while prices of rice and peanut oil rose 0.4 per cent and 0.3 per cent from the previous week. Egg prices also climbed, up 0.7 per cent.

However, the wholesale prices of minerals, steel and rubber, all rose while those of nonferrous metals registered mild drops.