China’s pork prices fall 0.7%

Figures released by China’s Ministry of Commerce show that the prices of farm-yard produce fell, with pork falling by 0.7% from last week’s prices, Xinhua reports.

The wholesale prices of 18 types of vegetables fell 1.4% last week, returning to a downward trajectory after posting a 1.4% rebound the week before, according to figures from the Ministry of Commerce.

High temperatures and rainy weather had affected vegetable growth and transportation and boosted prices the week before.

Last week, the price of pork, a staple meat in China, dropped 0.7% from a week earlier and 23.5 percent year on year, the ministry said in a statement on its website.

The retreat came after the year-on-year growth of China’s consumer price index (CPI), a main gauge of inflation, eased to 2.2% in June, its lowest level since January 2010.

Falling farm produce prices may help further ease domestic inflationary pressure, as food prices account for a nearly one-third of the prices used to calculate the CPI.

Sources: Xinhua, China Daily