August 2, 2018

China's pork, beef prices continue to rise

Prices of farm produce in China continued their upward trend in the week ending July 29, with the wholesale price of pork, the country's staple meat, rising 2.2% from the previous week, Xinhua reported, citing data from the Ministry of Commerce. 

The price of beef went up 0.1% and mutton 0.2%.

Wholesale eggs were up 2.1%.

The price index for farm produce edged up 0.9 percent in the past week, following a 0.6 percent gain the previous week, while the index for production materials rose 0.3 percent.

Food accounts for about one-third of China's consumer price index.

Meanwhile, a statement from the General Administration of Customs (GAC) said Chinese consumers' demand for imported food has been growing steadily as the standard of living in China improves, The Beef Site reports.

China's food imports in 2017 increased 25% to $58.28 billion year-on-year, and over the previous five years the annual average growth rate was 5.7%.