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China’s produce prices see recent spike

16-Oct-2012

Farm produce prices across 36 large and medium-sized cities in China have recently fallen as a result of oversupply, according to the country’s Ministry of Commerce.

Last week, the wholesale price of 18 types of vegetables dropped 5.5% from a week earlier, according to the ministry.

Prices of cabbages, radishes and lettuces declined by 19%, 14.1% and 12.2% respectively.

Meanwhile, the retail price of eggs dropped 0.7%, down for the first time since July, the ministry said.

Wholesale prices of eight kinds of aquatic products also fell slightly, and retail prices of cooking oils saw minor fluctuations.

The wholesale price of pork remained steady, while prices of mutton and beef went up slightly week-on-week.

Food prices account for 30.49% of the weighting in the nation's calculation of the consumer price index, the key gauge of inflation.

The CPI rose 1.9% year-on-year in September, easing from 2% in August, according to the country's statistics authority.

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