MOC Monitors Farm Produce Price Decline27 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 seven 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 three per cent, and that of beef and mutton also nudged down by 1.3 per cent and one 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.
TheFishSite News Desk