Chinese Farm Produce Prices Down Last Week

Friday, June 08, 2012

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Chinese Farm Produce Prices Down Last Week

CHINA - China's farm produce prices generally maintained a downward trend last week, as data from the Ministry of Commerce (MOC) showed that prices dropped during the week of 28 May - 3 June from the previous week, marking the fifth week of decline.

The MOC data released Wednesday showed that 18 kinds of major vegetables saw a 7.5-per cent drop in wholesale prices from the previous week as supplies increased.

According to the data, the price of pork also fell 0.9 per cent while prices of beef and mutton rose 0.5 per cent and 0.3 per cent, respectively. The price of chicken edged up 0.1 per cent.

Prices of staple foods, including rice and flour, remained unchanged, while the prices of different kinds of cooking oils saw moderate increases. Eight kinds of sea products saw an average price rise of 0.3 per cent, data showed.

Prices of eggs and garlic saw significant increases.

The report said egg prices ended the downshifting trend seen since the start of the year, rising 2.6 per cent last week. The cities of Beijing and Wuhan saw egg prices surge 11.4 per cent and 10.2 per cent, respectively.

The recent price surges on eggs and garlic have reignited concerns of inflation, even though analysts expect it to further moderate in May. Data show that the nation's consumer price index, the main gauge of inflation, eased to 3.4 per cent in April from 3.6 per cent in March.

An official with the National Development and Reform Commission also said Tuesday the price increases of eggs and garlic were "a reasonable recovery" from low bases.

TheMeatSite News Desk

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