June 21, 2012

China's pork, beef prices rise

The prices of pork and beef in China increased slightly in the week to Sunday (June 17), stated the Ministry of Commerce on Tuesday.

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

Wholesale pork prices, a major indicator for inflation, rose 0.2% after falling more than 16.5% since late January. The ministry didn't say why prices reversed their trend last week.

Beef prices rose 0.3%, while chicken prices mostly stayed flat, it said. Edible oil prices rose around 0.3%.

However, ample vegetable supply pushed average wholesale prices 3.3% lower, a decline of 25.6% compared to early May, the ministry said.