December 20, 2010

China releases pork reserves to meet festive demand

China has put on the market state pork reserves to stabilise prices and ensure adequate supplies during the upcoming New Year Festival, an official with the Ministry of Commerce said Friday (Dec 17).

The government put on the market pork from 26 state reserves in 12 regions, including Beijing, Tianjin and Zhejiang, the official said.

The move is part of the government's effort to rein in fast rising consumer prices.

China's consumer price index (CPI), a major gauge of inflation, rose to a 28-month high of 5.1% in November.

The average wholesale prices of fresh pork rose 0.75% from one year earlier during the first 11 months of 2010, according to data released by the ministry.

The official said the ministry would keep a close eye on the pork market, increase pork supplies while cooling rising prices.