Business / Markets

Vegetable prices fall after six-week rally

(Xinhua) Updated: 2012-09-04 15:38

BEIJING -- Vegetable prices in 36 major Chinese cities dropped last week after rising for six consecutive weeks, new figures from the Ministry of Commerce have indicated.

The wholesale prices of 18 types of vegetables monitored by the ministry fell 2.7 percent from one week earlier, with the prices of cucumber, rape and lettuce sliding 13.7 percent, 12.8 percent and 7.6 percent, respectively, according to a statement posted on the ministry's website on Tuesday.

The retail price of eggs continued to climb, up 1.3 percent week on week but still down 2.5 percent from the same period last year.

The wholesale price of pork, a staple meat in the country, rose 0.6 percent from the previous week but was still 22.6 percent lower compared with the same period last year, according to the statement.

The wholesale prices of eight types of aquatic products edged down 0.2 percent last week, while the retail prices of edible oil and rice reported modest increases, it added.

Food prices account for nearly one-third of the prices used to calculate the nation's consumer price index, which eased to 1.8 percent in July, its lowest level since January 2010.

However, analysts expect that the CPI will rebound above 2 percent in August due to continuous increases in food prices.

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