China: pork prices down for four weeks now
Pork prices in China fell for the fourth consecutive week during the week from August 27 to September 2 amid government efforts to increase supply, according to the Chinese ministry of commerce.
Wholesale prices of pork dropped on average 2.8% from a week earlier, cutting down prices of edible farm products in the country by 0.3%.
Decline
Among the 31 major cities monitored by the ministry, 19 saw prices of pork, a staple in China, decline, while seven reported continued price hikes, with prices in Hefei, Changchun and Hohhot surging more than 10%.
Pork prices were unlikely to drop drastically for the rest of the year due to rising demand and mounting production costs, predicted the ministry.
Efforts
The price decline is a result of efforts that began last month by the government and producers to increase supply. Also, some producers, worried that pork prices would continue to decrease, sold their pigs ahead of schedule, the ministry said.
Due to short supply and mounting costs of inputs, the prices were up 70.3% year-on-year at the end of last month, according to figures from the National Development and Reform Commission.
It had almost doubled over the last seven months.
Related websites:
• Chinese ministry of commerce
• National Development and Reform Commission
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