November 9, 2007

China's pork prices up 5.4 percent 

Pork prices in China are on the rise once again after the government declared nine consecutive weeks of price drops a month ago. 

The wholesale price of pork is now RMB 18.69 (US$2.51) per kilogramme as of November 5, 2007, up 5.4 percent from the level recorded on October 8, 2007, the Ministry of Commerce said Thursday (09 November 2007)

The Ministry said  rising demand and dearer breeding and transportation costs have caused the spike in prices.

However, the price was still 7.5 percent lower than the record level set in August, the MOC added.

The price of pork almost doubled this year before starting to decline in mid-August.

The sharp price rises drove up China's consumer price index to an 11-year-high of 6.5 percent in August.

The MOC urged local authorities to improve the pork reserve system and strengthen pork quality checks to guarantee pork supply.