December 24, 2012

China sees rising pork prices due to climatic conditions

Low climatic temperatures have led to increased pork prices which were up 5.2% last week.

Northern and northeastern China reported the highest price hikes. Jilin, Liaoning and Heilongjiang provinces saw rises of more than 10%.

However, pork prices last week were 8% lower than the same period last year.

Impending festivals, including the New Year and the Spring Festival, will see rising pork consumption, according to the system.

Pork is a staple meat in China.

Food prices account for almost a third of the weighting in the country's calculation of the consumer price index (CPI), the key gauge of inflation.

The CPI grew 2% on year in November, up from a 33-month low of 1.7% in October, according to the National Bureau of Statistics.