China Reports Faster Farm Produce Prices Rise

Tue, 13 Feb 2018

CHINA - China's farm produce prices rose at a faster pace in the week ending Feb 11, the Ministry of Commerce said Tuesday.

The price index for farm produce went up 2 per cent in the past week, compared with a 0.9-per cent expansion the previous week. The index for production materials edged down 0.3 per cent.

Food prices normally rise as Chinese people make purchases to prepare for holiday feasts before the Spring Festival, or the Chinese Lunar New Year, which falls on 16 February this year.

The wholesale price of beef and lamb rose 1.1 per cent and 1.2 per cent, respectively, while that of pork edged down 0.8 per cent.

The wholesale price of eggs increased 1 per cent.

Food accounts for about one-third of China's consumer price index (CPI).

China's CPI rose 1.5 per cent year-on-year in January, down from December's 1.8 per cent, and well within the government target of around 3 per cent.