June 7, 2007

China's high pork prices show signs of stabilizing

The price of pork in China dropped 0.2 percent as fresh supplies began to relieve the shortage last week, the Ministry of Commerce announced on Wednesday.

According to a statement from the ministry, the price index of agricultural products stood at 110.2 points last week, up 0.1 percent on the previous week.

The prices of food products, cooking oil, processed chicken and eggs went up while those of pork dropped. The price of aquatic products remained stable, said the statement.

Pork prices are expected to stablise whereas egg prices would continue up because of feed price hikes.

The prices of pork and eggs have soared in recent weeks in China due largely to tight supply and increased production costs.

April's live pigs nationwide were priced 71.3 percent higher than a year earlier, and pork, 29.3 percent higher.