Upcoming festivals drive up Pork prices in China
China's pork prices rose 0.4% during the week ending September 2nd as upcoming holidays spurred an increase in demand, the Ministry of Commerce (MOC) said Tuesday.
The increase was 0.1 percentage point higher than that of the previous week ending August 28, marking the 4th straight week of rises, according to a statement posted on the MOC website.
High Pork prices, which rose by 57% in July, have become a major concern in the Country. July's inflation data hit a 37-month high of 6.5%, largely driven up by food prices.
The statement attributed the rise in prices to the fact that food processing enterprises have increased purchases of meat and eggs in preparation for the upcoming Mid-Autumn Festival which lasts from September 10 to 12 as well as the week-long National Day Holiday that begins on October 1.
Beef and egg prices rose by 1 and 0.4%, respectively, last week, while mutton and chicken prices inched up 0.3 and 0.2 respectively.
Meanwhile, 18 staple vegetables saw an increase of 1.5% in wholesale prices last week, down 4.6 percentage points from the previous week. Wholesale prices of 8 types of aquatic products stood unchanged week-on-week due to sufficient supplies.
The wholesale prices of minerals, nonferrous metals, raw materials for light industry, rubber and chemicals all rose, while the prices of energy resources, agricultural means of production and building materials reported mild drops.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.