Wholesale prices for agricultural products inch up in July - MOFCOM
Beijing. August 24. INTERFAX-CHINA - Wholesale prices for agricultural products in 36 medium and large-sized cities across China grew modestly in July, the Ministry of Commerce (MOFCOM) said Aug. 24.
The prices of small-sized rice and wheat purchases in July rose by 1.60 percent and 1.20 percent month-on-month, respectively, according to MOFCOM spokesman Shen Danyang.
Vegetable prices fell 3.70 percent over the same period while the price of soybean oil dipped 0.30 percent, Shen said at a press conference in Beijing. The prices of vegetable oil and sugar rose 0.50 percent and 2.20 percent, respectively.
The price of pork, a contributor to China's stubbornly high inflation, jumped 11.70 percent, meanwhile. Further hikes are likely as upcoming Chinese public holidays in September and October will boost pork demand, Chen Jinqing, an analyst with Jinpeng International Futures Co. Ltd., told Interfax Aug. 24.
Chen forecast sugar prices to stabilize in the second half (H2) of 2011 due to a year-on-year rise in production. Edible oil prices may also increase slightly after the central government signaled in early August it would lift price caps, Chen added.
The National Bureau of Statistics announced separately on Aug. 24 that prices for 19 out of 29 foods rose in 50 major cities between Aug. 11 and Aug. 20.
-LYB