Pork prices to stay high but rise not dramatic
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E-mail Xinhua, April 11, 2016
Pork prices in China will continue to remain high, but will not rise sharply this year, the National Development and Reform Commission said on its website yesterday.
This round of price hike resulted from low prices in previous years, the NDRC said.
Some farmers are reluctant to raise pigs after suffering low prices for years, despite prices having actually picked up, it said. Prices have been rising for about a year after almost three years of decline.
Pork is China’s staple meat and its price is subject to a boom-and-bust cycle and the supply-demand relationship is expected to ease in September.
The average wholesale pork price hit 25.3 yuan (US$3.90) per kilogram in the week ending April 3, up 0.4 percent from the previous week, the highest since October 2011, according to the Ministry of Commerce.
The consumer price index grew 2.3 percent in February from one year earlier, up from January’s 1.8 percent.
Food prices, which account for a third of the CPI calculation, rose 7.3 percent year on year, while non-food inflation edged up 1 percent in February.
Pork prices rose 25.4 percent year on year in February, contributing 0.59 percentage point to CPI growth. Vegetable prices soared 30.6 percent, or 0.86 percentage point to CPI growth.
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