Statistics from the Ministry of Commerce (MOFCOM) showed that although the edible agricultural products price index remained high at 113.29 points and the general price level rose by 0.5 percent since last week, wholesale pork prices have dropped in the last two weeks, shedding 1.4 percent in the last week alone, China Business Times reported.
Among the 40 products monitored by the MOFCOM, 31 products or 77.5 percent of all products became more expensive since last week. Only eight products or 20 percent sold cheaper, while one product or 2.5 percent broke even with a week ago.
Despite the two-week drop in pork prices, some vegetables soared almost 50 percent due to increased costs in harvesting crops and transport through flooded areas.
Nationwide production materials have increased 0.43 percent in prices since last week. Of the 100 products, 36 products or 32.1 percent became more expensive; 51 products or 45.5 percent remained unchanged in prices; and 25 products or 22.3 percent sold cheaper compared to a week ago.
The US subprime credit crisis led domestic nonferrous metal prices to a 0.92 percent decline, while the increasing iron ore cost pushed steel prices up 0.38 percent.
(Chinadaily.com.cn August 22, 2007)