Pork Prices Rise Ahead of Festival Season

by 5m Editor
6 September 2011, at 9:13am

CHINA - Pork prices rose 0.4 per cent during the week ending 2 September as upcoming holidays spurred an increase in demand, according to the Ministry of Commerce.

The increase was 0.1 percentage point higher than that of the previous week ending 28 August, marking the fourth straight week of rises, according to a statement posted on the MOC web site.

High pork prices, which surged by nearly 57 per cent in July, have become a major concern in the country. July's inflation data hit a 37-month high of 6.5 per cent, largely driven up by food prices.

The statement attributed the rise in prices to the fact that food processing enterprises have increased purchases of meat and eggs in preparation for the upcoming Mid-Autumn Festival which lasts from 10 to 12 September as well as the week-long National Day holiday that begins on 1 october.

Beef and egg prices rose by one per cent and 0.4 per cent, respectively, last week, while mutton and chicken prices inched up 0.3 per cent and 0.2 per cent, respectively.