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MOC Monitors Farm Produce Price Decline

27 February 2013

CHINA - Farm produce prices in China's 36 major cities saw a general decline last week following the Spring Festival holiday, according to a Ministry of Commerce (MOC) survey.

The average wholesale price of 18 monitored vegetables declined 7 per cent month on month from 18 to 24 February, while eight aquatic produces dipped 0.9 per cent, the ministry's report said.

The wholesale price of pork, a staple meat in China, dropped 3 per cent, and that of beef and mutton also nudged down by 1.3 per cent and 1 per cent respectively.

Meanwhile, the retail prices of chicken and eggs mildly declined as well as cooking oil. There were mixed results for grain, with a decline of 0.2 per cent in rice but an increase of 0.2 per cent in flour.

Food prices account for about one-third of the prices used to calculate the consumer price index (CPI), a main gauge of inflation, in China.

The country's consumer price inflation fell to 2.0 per cent year on year in January, down from a seven-month high of 2.5 per cent in December.

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