Pork-price growth slower last week: report

09:22, July 19, 2011      

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China's pork prices rose 0.2 percent for the week ending July 17 from the previous week, but the price growth fell by 2.1 percentage points, the Ministry of Commerce (MOC) announced Monday.

High pork prices have become a big concern for the nation as the consumer price index, the main gauge of inflation, shot up to a three-year high of 6.4 percent last month, driven by surging food prices.

Data from the National Bureau of Statistics showed pork prices in June surged 57.1 percent year-on-year.

Meanwhile, 18 types of vegetables underwent an average price drop of 2.2 percent last week, with garlic and Chinese cabbage prices down 8.6 percent and 8.5 percent, respectively, according to figures released by the MOC.

Prices of beef and chicken rose slightly, by 0.5 percent and 0.4 percent, respectively.

Prices of flour and rice both rose 0.4 percent; egg prices also rose 0.4 percent. Meanwhile, prices of eight types of aquatic products rose 1 percent.

Non-food materials, including iron ore and coal, rose more than 2 percent; rubber gained 1.6 percent.

Premier Wen Jiabao said last week that stabilizing prices remains the top priority for China's macro-regulatory policies.

To contain stubbornly high inflation, the central bank has so far raised the benchmark interest rates three times this year. It also hiked the reserve requirement ratio six times, ordering banks to keep a record high of 21.5 percent of their deposits in reserve to rein in excess lending.

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