China: drop in pig prices by 10% from peak level
Average pork prices have dropped this week to 12.61 yuan (€1.18), which, according to China’s economic planner, is 9.61% lower than the peak price on August 9. Pork prices have nearly doubled in the last eight months as a result of lower supply and higher production costs.
Prices have been dropping consecutively for eight weeks now and are down by 3.45% from the end of August as piglets, raised in May and June, are ready for the pork market.
The National Development and Reform Commission indicated that in 36 major cities, the daily butchering of pigs has increased by 12.6% since August and the supply is due to keep rising.
Holiday
However, this decrease in prices will probably stop due to the National Day holiday according to the Ministry of Commerce.
General food price increases are being driven by the soaring pork prices which led to a 6.5% increase in the consumer price index in August.
Related website:
• National Development and Reform Commission
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