China's pork prices continue to retreat

BEIJING -- Soaring pork prices in China continued to soften last week as the country rolled out multiple measures to stabilize hog production.

From Dec 9 to 13, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 44.13 yuan (about $6.3) per kg, down 1.8 percent week on week.

The statistics showed that hog prices had fallen for four weeks in a row by late November amid signs of hog production recovery nationwide.

The price retreat came as the Chinese government has been taking multi-pronged measures to boost supply, including increasing subsidies to restore hog production, releasing frozen pork reserves and expanding pork imports.

China's pork market may beat expectations with balanced supply and demand during the upcoming Chinese New Year, according to the ministry.

Prices of pork, a staple meat in China, have been soaring in recent months, mainly caused by African swine fever and cyclical factors.

China's consumer price index, a main gauge of inflation, rose 4.5 percent year on year in November, primarily driven by surging pork prices, which rose 101.3 percent year-on-year last month.