January 23, 2008

China to release more pork from reserves to tame holiday price hikes

China will release more pork and cooking oil to cushion price spikes during the Lunar New Year holiday, commerce minister, Chen Deming announced.

The government seeks to fairly stabilize prices amidst pressures of inflation.

China is currently struggling with food price hikes that have rattled consumers. Consumer prices surged 6.9 percent in the 12 months to November, the fastest rate in 11 years. The prices of cooking oil and pork both soared over 40 percent on-year.

Chen further stated that officials would closely monitor consumer markets to assess demand and prevent shortfalls.