March 22, 2022

China's pork prices continue to decline

China's Ministry of Agriculture and Rural Affairs said the country's pork prices edged down further in the week of March 7 to March 11, 2022 to CNY 15.96 (~US$2.52; CNY 1 = US$0.16), 1.2% lower week-on-week, Xinhua News reported.

The drop is also a year-on-year drop of 54.1%

In February 2022, the country's National Development and Reform Commission announced that it will purchase pork for state reserves, as the national average of pork prices compared to grain prices have fallen below a warning level.

Provincial regions have already begun replenishing reserves, which includes Beijing, Jiangxi, Hubei and Chongqing, according to the state planner.

-      Xinhua News