The retail price of pork in China, the country's staple meat,
soared 77.6 percent in August from the same month a year ago though
it began to decline in the middle of the month, according to the
National Development and Reform Commission.
In the 36 major Chinese cities monitored by the commission, the
price of pork in late August was down 3.1 percent to 26.6 yuan
(US$3.5) per kilogram from the first ten days of the month, but the
monthly price was still 7.75 percent higher than July.
The sharp rise in food prices, mainly fueled by rising pork
prices, pushed up the consumer price index, China's key inflation
indicator, to 6.5 percent in August, the highest in 11 years.
Pork prices were unlikely to drop drastically for the rest of
the year due to rising demand and mounting production costs, while
egg prices would continue to go up as the Mid-Autumn Day and
National Day holidays approached, predicted the Ministry of
Commerce earlier this month.
As demand remained strong, prices of non-staple foodstuffs also
surged, with chicken up 29.4 percent, eggs up 25.5 percent and
rapeseed oil up 45.6 percent from a year ago.
The average price of 15 kinds of vegetables, including tomatoes,
cucumbers and eggplants, rose 17.1 percent.
(Xinhua News Agency September 12, 2007)
