Economy

Farm produce prices rise on icy weather in S China

(Xinhua)
Updated: 2011-01-11 13:37

BEIJING - The prices of Chinese farm produce rose for a second consecutive week in the week ending Jan 9, pushed up by icy weather in South China, the Ministry of Commerce said Tuesday.

Freezing temperatures and icy rain affected vegetable production and transportation, driving the wholesale prices of 18 staple vegetables 6.2 percent higher, the ministry said in a statement posted on its website.

Related readings:  China orders steady supply of farm produce amid icy weather  Chinese farm produce prices rise on holiday demand  China's farm produce prices relatively stable last week: MOC  China's farm produce prices fall week-on-week

The prices of balsam pears, cucumbers and beans all rose by at least 10 percent last week.

As the Spring Festival draws near, demand for eggs and meat increased, pushing the price of pork and mutton 0.7 percent and 1.1 percent higher, respectively. Egg prices rose 0.4 percent.

Peanut oil prices increased 0.3 percent while soybean oil prices edged0.2 percent higher. Colza oil prices rose 0.1 percent.

Food prices have a one-third weighting in the calculation of China's consumer price index (CPI), the major gauge of inflation. China's CPI hit a 28-month high of 5.1 percent in the year to November.

The price of producer goods also edged higher last week. The price of rubber increased 6.5 percent as international supply tightened.

The price of iron ore and copper ore rose 0.4 percent and 1.6 percent, respectively.