Pork prices likely to remain elevated: NBS

Source:Global Times Published: 2019/12/16 16:03:39

Citizens select pork at a market in Qingdao, east China's Shandong Province, Feb. 15, 2019. (Xinhua/Yu Shaoyue)

Pork prices are likely to remain high for some time, as pig production restoration requires time, but there is foundation for food prices to remain stable, Fu Linghui, spokesperson of the National Bureau of Statistics, told reporters at a press conference in Beijing on Monday.

In November, China's consumer price index (CPI) rose 4.5 percent year-on-year, mainly due to a rise in food prices, Fu said. The country's food price increased over 10 percent year-on-year, of which pork prices skyrocketed over 110 percent year-on-year.

Amid soaring pork prices, the State Council, the country's cabinet, and local governments have released a raft of measures to expand pig production. Fu said that many local governments have removed unreasonable constraints on pig breeding, which has created positive results.

The average wholesale pork price in 36 large and medium cities across the country was 43.66 yuan ($6.24) from November 18-24, down 8.6 percent on a weekly basis, according to data from the Ministry of Commerce.

"As it still requires some time to restore pig production, and therefore the price may stay high for a period of time," Fu said, noting that there's a solid foundation for food prices to remain stable.

This year, China's grain production reached a record high of 663.85 billion kilograms, up 0.9 percent year-on-year. 

Foods price stability is to be expected, Fu said, noting that the country's supply of industrial consumer goods is also abundant, while the supply in the services sector is on the rise.

Posted in: INDUSTRIES,ECONOMY

blog comments powered by Disqus