July 19, 2013

China's farm produce prices drop last week

Farm produce prices in 36 major Chinese cities went down last week, as wholesale prices of eight aquatic products shed 0.6% from a week earlier.

The Ministry of Commerce (MOC) said that the prices of oil and rice dropped last week, with the prices of soyoil, peanut oil and rice down 0.5%, 0.2% and 0.2%, respectively.

The cost of eggs shed 0.3% on-week, while the price of pork, the country's staple meat, gained 0.3% from the previous week.

Food prices account for about one-third of the prices used to calculate China's consumer price index (CPI), a main gauge of inflation. China's CPI growth accelerated to 2.7% in June.