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China reports faster farm produce prices rise

Updated: Feb 13,2018 9:04 PM     Xinhua

BEIJING — China’s farm produce prices rose at a faster pace in the week ending Feb 11, the Ministry of Commerce said on Feb 13.

The price index for farm produce went up 2 percent in the past week, compared with a 0.9-percent expansion the previous week. The index for production materials edged down 0.3 percent.

The average wholesale price of 30 kinds of vegetables climbed 7.8 percent from a week earlier, faster than the 2.2-percent rise in the previous week.

Food prices normally rise as Chinese people make purchases to prepare for holiday feasts before the Spring Festival, or the Chinese Lunar New Year, which falls on Feb 16 this year.

The wholesale price of beef and lamb rose 1.1 percent and 1.2 percent, respectively, while that of pork edged down 0.8 percent.

The wholesale price of eggs increased 1 percent.

Food accounts for about one-third of China’s consumer price index (CPI).

China’s CPI rose 1.5 percent year on year in January, down from December’s 1.8 percent, and well within the government target of around 3 percent.