June 1, 2012

China's major food prices fall for fourth week

Majority of the food prices in China further declined in the week to Sunday (May 27), the fourth successive weekly drop, the Ministry of Commerce said Wednesday (May 30).

China's food-price movements indicate inflationary pressures. Food accounts for about a third of its consumer price index.

Wholesale prices for pork, a major indicator of inflation, fell 1%, the ministry said. Pork prices have fallen more than 16.5% since late January.

Beef prices rose 0.4% while chicken prices stayed flat, the ministry said. Edible oil prices rose 0.2-0.4%, it said.