Wholesale agricultural product prices rise week-on-week - MOFCOM
Beijing. May 18. INTERFAX-CHINA - Wholesale prices for agricultural products in China rose in the first two weeks of May, while the cost of soft commodities declined over the same period, the Ministry of Commerce (MOFCOM) announced May 17.
Wholesale prices for rapeseed surged 22.20 percent on a weekly basis, while the price of cabbage and Chinese cabbage gained 12.50 percent and 11.50 percent, respectively, according to the announcement.
The average wholesale prices of 18 staple vegetables in 36 medium- and large-sized Chinese cities during the second week of May fell 1.90 percent week-on-week, the announcement said.
Meanwhile, the cost of cotton declined 4.10 percent while seed and agricultural chemical prices dipped 0.40 percent and 0.30 percent, respectively.
China's Consumer Price Index (CPI) and Producer Price Index (PPI) will likely remain high in the short-term as food prices traditionally rise in May, said Ma Wenfeng, an analyst with Beijing Orient Agribusiness Consultant Ltd (BOABC).
China's CPI dropped to 5.30 percent year-on-year last month, down from a 32-month high of 5.40 percent in March, Interfax previously reported.
- LYB