Financial news

Pork wholesale price falls 1.9%: MOC

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Via China Daily

Citizens in Zhengzhou buy pork at a local supermarket, Jan 27, 2019. [Photo/IC]

BEIJING – Pork wholesale price dropped 1.9 percent last week ending Nov 10 from the previous week to 51.31 yuan ($7.33) per kilogram, according to the Ministry of Commerce Tuesday.

But the wholesale price of beef was up 1.5 percent to 67.74 yuan per kilogram and the wholesale price of mutton was up 0.6 percent to 63.41 yuan per kilogram.

Overall, the national market price of edible agricultural products fell 0.6 percent from the previous week, and the market price of means of production rose 0.2 percent from the previous week.

China’s consumer price index (CPI), a main gauge of inflation, rose 3.8 percent year-on-year in October, up from 3 percent in September, the National Bureau of Statistics said last Saturday.

The hike in CPI was mainly driven by soaring pork prices, which rose 101.3 percent year-on-year in October, contributing nearly two thirds to the CPI growth.

Affected by African swine fever and cyclical factors, China’s pork prices rose visibly during the past few months.

The country has rolled out multiple measures to stabilize hog production and pork supply. On Nov 6, the State Council urged efforts in an executive meeting to restore hog production by ensuring the supply of swine feed, increasing the production of poultry, beef and mutton and utilizing food reserves.


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