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MOC Plays down Pork Inflation Fears
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  • http://english.dbw.cn   2016-04-08 14:16:28
     

    A customer shops for pork at a supermarket in Yichang city, central China's Hubei province, 14 October 2015. [Photo: Imagine China]

    China's Ministry of Commerce says pork prices will remain high this year, but will not soar.

    Ministry spokesperson Shen Danyan outlined the contributing factors to the pork prices hike.

    "This pork price surge is mainly due to the decrease in pig supply, which can be attributed to the previous long-running losses in the pig breeding industry. So the price surge this time can also be seen as a self-restoration of the market."

    Data from the ministry shows that the average wholesale price of pork across 36 Chinese cities reached 25.34 yuan or about three U.S. dollars and 90 cents per kilogram last week, the highest figure recorded since October 2011.

    The spokesperson has estimated that a sharp pork price rise is unlikely, as live pig output will gradually increase to balance market supply and demand.

    Pork is a staple meat in China and its price is subject to a boom-and-bust cycle.

    Pork prices jumped by 25.4 percent year on year in February, contributing close to 0.6 percentage points of CPI growth.

     

     

    Author:    Source: CRI     Editor: Yang Fan

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