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China's Farm Produce Prices Retreat Last Week

Economics +1 more

CHINA - Farm produce prices in 36 major Chinese cities went down last week, as wholesale prices of eight aquatic products shed 0.6 per cent from a week earlier, the latest data showed Tuesday (16 July).

The Ministry of Commerce (MOC) said in an online statement that the prices of oil and rice dropped last week, with the prices of soybean oil, peanut oil and rice down 0.5 per cent, 0.2 per cent and 0.2 per cent, respectively.

The cost of eggs shed 0.3 per cent week on week, while the price of pork, the country's staple meat, gained 0.3 per cent from the previous week.

Meanwhile, major production materials, including rubber and fuel, continued to head downward last week.

Food prices account for about one-third of the prices used to calculate China's consumer price index (CPI), a main gauge of inflation.

China's CPI growth accelerated to 2.7 per cent in June.

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