MOC Monitors Farm Produce Price Decline28 February 2013
CHINA - Farm produce prices in China's 36 major cities saw a general decline last week following the Spring Festival holiday, according to a Ministry of Commerce (MOC) survey.
The average wholesale price of 18 monitored vegetables declined 7 per cent month on month from 18 to 24 February, while eight aquatic produces dipped 0.9 per cent, the ministry's report said.
The wholesale price of pork, a staple meat in China, dropped 3 per cent, and that of beef and mutton also nudged down by 1.3 per cent and 1 per cent respectively.
Meanwhile, the retail prices of chicken and eggs mildly declined as well as cooking oil. There were mixed results for grain, with a decline of 0.2 per cent in rice but an increase of 0.2 per cent in flour.
Food prices account for about one-third of the prices used to calculate the consumer price index (CPI), a main gauge of inflation, in China.
The country's consumer price inflation fell to 2.0 per cent year on year in January, down from a seven-month high of 2.5 per cent in December.
TheMeatSite News Desk