July 22, 2012
China's farm produce prices recede
As inflation continued to soften, China's farm produce prices retreated last week from a week earlier, official data showed Wednesday (July 18).
Last week, the price of pork, a staple meat in China, dropped 0.7% from a week earlier and 23.5% on-year, the ministry said in a statement on its website.
The retail price of eggs decreased for a fourth week, down 0.3% from the previous week.
The retreat came after the on-year growth of China's consumer price index, a main gauge of inflation, eased to 2.2% in June, its lowest level since January 2010.
Falling farm produce prices may help further ease domestic inflationary pressure, as food prices account for a nearly one-third of the prices used to calculate the CPI.
