April 9, 2008

China's beef prices hike by 71 percent on-year

China reported its beef prices for February to have rocketed by 70.53 percent on-year to RMB29.13 (US$4.16) per kilogramme.

Meanwhile, China's mutton prices also increased by 40.67 percent year-on-year and by 7.05 percent month-on-month in the period.

Both meats now set new highs on China's wholesale market, the Ministry of Agriculture said.

The country's beef and mutton prices started rising last May and have been increasing continuously since the beginning of 2008.