Wed, November 10, 2010
Business > Economy

Prices of China's farm produce see consecutive rise, fueling inflationary pressure

2010-11-10 14:37:01 GMT2010-11-10 22:37:01 (Beijing Time)  Xinhua English

BEIJING, Nov. 10 (Xinhua) -- Prices of China's edible farm produce have witnessed consecutive increases since mid-October, official figures showed Wednesday, indicating the appearance of greater inflationary pressures.

Prices of 18 types of vegetables in 36 large and medium-sized cities rose by 4.9 percent in the week that ended Nov. 7 from the previous week due to increasing production costs as winter comes in China, according to an analysis report released by the Ministry of Commerce (MOC) on its website.

Additionally, it is expected that prices of vegetables would maintain the upward trend in the near future, according to the MOC.

From Nov. 1 to Nov. 7, prices of edible oil and sugar rose by 0.5 percent and 1.0 percent respectively, from one week earlier, while eggs and meat rose by 0.8 percent.

Meanwhile, prices of flour and rice edged up 0.4 and 0.2 percent respectively compared with last week, while seafood prices rose by 0.7 percent.

Food prices account for one-third of weight in the calculation of China's consumer price index (CPI), a main gauge of inflation. Rising food prices have fueled inflationary pressure and pushed the index to a 23-month high to 3.6 percent in September.

China's annual CPI is expected to rise slightly higher than the government's set target of 3 percent this year, Zhang Ping, head of the National Development and Reform Commission, said Tuesday.

The October CPI figure is scheduled to be unveiled on Thursday.

The MOC also said Wednesday, in an online statement, that it would release the second batch of national reserve pork in 2010 to meet increasing domestic demand and curb soaring price.

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