Farm produce prices drop last week
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Xinhua, November 8, 2011
Farm produce prices in China continued to fall for the week ending on Nov. 6, according to a report released by the Ministry of Commerce on Tuesday.
Wholesale prices of 18 staple vegetables dropped by an average of 2.2 percent from the previous week. It was the fourth straight week that vegetable prices dropped, marking an aggregate 11.3 percent drop over the past four weeks, the report said.
Meanwhile, eight types of seafood products saw an average price decline of 0.4 percent week-on-week, and the prices of pork and eggs fell 1.8 percent and 0.5 percent, respectively.
Pork prices have dropped 6.4 percent since mid-September, the report said.
However, chicken and mutton prices saw slight rises of 0.2 percent and 1 percent, respectively.
Meanwhile, the price of flour fell 0.2 percent, and rice and edible oil prices remained unchanged, according to the report.
In China, food prices account for about a third of the weighting in calculating the CPI (consumer price index), a main gauge of inflation. The index rose 6.1 percent year-on-year in September, slightly easing from 6.2 percent in August.
The National Bureau of Statistics is scheduled to release major economic data, including the CPI, on Wednesday. Analysts forecast October CPI will dip to between 5.1 and 5.5 percent given prices of agricultural products have slid along with global commodity prices.
The ministry report on Tuesday also said that most production materials saw their prices drop last week compared to the previous week. Iron ore prices dropped 2.5 percent; rubber prices slid 1.3 percent; steel prices also dropped mildly.
However, energy prices rose, with crude oil up 1.3 percent and coal up 1 percent.
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