November 22, 2013

China's wholesale price of beef as of November 17 had surged to RMB50 (US$8.21) per kilogramme, nearly 80% higher than three years ago, the Beijing Youth Daily reported.

There have been two major spikes in the price of beef in recent years. During Spring Festival of 2007, when the price per jin doubled, and during Spring Festival of this year, when the price per jin jumped RMB8 (US$1.31) overnight.

Increased demand for beef and mutton, a decrease in the number of cows being raised for beef; and the longer period (compared to pork) required bringing a cow to market, were the contributing factors for the said increase.