December 27, 2011

China's food produce prices continue to increase

Food produce prices in China increased for a fourth straight week in the week December 12-18, the Ministry of Commerce (MOC) said on its website on December 20.

The wholesale price of pork increased 1% from the previous week, with the growth expanding 0.9 percentage points from the preceding week. Prices of beef, mutton and chicken respectively edged up 0.5%, 0.4% and 0.1%. Prices of eight major aquatic products dipped 0.4% on-week.

Retail prices of grain stayed stable last week while cooking oil prices rose moderately.

China's consumer price index, or CPI, a main gauge of inflation, rose 4.2% on-year in November. Food prices, which account for nearly one third of the basket of goods in the nation's CPI calculation, went up 8.8% from a year earlier.