China's food prices expected to stay stable: official

0 Comment(s)Print E-mail Xinhua, January 19, 2024
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China's food prices are expected to stay stable in the next stage, driven by multiple factors, an official of the country's top economic planner said on Thursday.

These factors include the gradual reduction of base and cyclical effects, the steady recovery of market demand, and the effectiveness of policies benefiting farmers, said Jin Xiandong, an official of the National Development and Reform Commission, at a press conference.

China's consumer price index went up 0.2 percent last year, with a growth pace slower than that in 2022, earlier data showed.

In 2022, the prices of energy and food in the international market saw sharp rises driven by some non-economic and unconventional factors. The prices registered significant declines in 2023, Jin said.

The prices of grain, edible oil, and fruits went up in 2023, while that of pork saw a cyclical decline, and the price of vegetables also dropped, Jin said. He noted that China's agricultural product market sees abundant supply, smooth logistics, sound order, and stable prices.

In the next stage, the commission will work with relevant parties to closely follow market supply, demand, and price trends and ensure adequate market supply and stable prices of vital commodities for people's livelihoods, Jin added.

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