Pork Prices Up After Weeks of Declines

by 5m Editor
20 June 2012, at 7:07am

CHINA - Pork prices rebounded last week, rising 0.2 per cent from one week earlier after weeks of decline, but were still down 14.9 per cent year-on-year, the Ministry of Commerce said.

Shanghai and Beijing saw pork prices rise 3.7 per cent and 2.3 per cent, respectively, last week, according to a statement on the ministry's website.

Prices of edible oil, flour and fish all increased last week. Retail egg prices continued to rise, up 1.3 per cent week-on-week, but wholesale egg prices fell 0.8 per cent last week, the statement said.

Lower fuel prices dragged transportation costs down, which led to the decline in wholesale egg prices, analysts said, adding that retail egg prices will also fall slightly after the upcoming Dragon Boat Festival holiday.

China's consumer price index (CPI), the main gauge of inflation, eased to 3 per cent in May, the lowest level since June 2010. Food prices account for nearly one-third of the weighting in calculating the CPI.