Ministry: Rising agricultural product prices not due to speculation

15:42, May 17, 2010      

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In April, the average wholesale price of 18 vegetables monitored by China's Ministry of Commerce (MOFCOM) has risen 0.3 percent compared with the previous month, and 32.9 percent compared with the previous year. "Speculation is not the main reason for the price hike of agricultural products," said MOFCOM spokesman Yao Jian today.

Some media recently reported that speculation in the agricultural product market has caused the prices of garlic to grow 14 fold. Yao said that the intervention of huge capital in the agricultural product market is very common in the global market. However, speculation is not the main factor that brings up the prices of agricultural products in China, he said.

Abnormal climate and rising costs in the production and transportation of vegetables led to the price hike, Yao said.

He predicted that with the rising temperature and rising supply, vegetable prices will decline in some regions, adding that factors including rising costs will continue to support vegetable prices.

In addition, according to the MOFCOM's monitoring system, in April, the composite agricultural product price in China's 36 large and medium-sized cities declined 0.5 percent compared with March. The wholesale price of pork reversed its downward trend.

By People's Daily Online

(Editor:祁澍文)

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