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Pork Prices in China Decline for 4 Consecutive Weeks

Pork prices in China fell for the fourth consecutive week during the week from Aug. 27 to Sept. 2 amid government efforts to increase supply, according to the Ministry of Commerce.

Wholesale prices of pork dropped 2.8 percent from a week earlier, forcing down prices of edible farm products in the country by 0.3 percent.

Among the 31 major cities monitored by the ministry, 19 saw pork prices decline, while seven reported continued price hikes, with prices in Hefei, Changchun and Hohhot surging more than 10 percent.

Pork prices were unlikely to drop drastically for the rest of the year due to rising demand and mounting production costs, predicted the ministry.

Egg prices will probably go up as the Mid-Autumn Day and National Day holidays approach.

In the past one year pork prices almost doubled, pushing up the consumer price index, China's key inflation indicator to a 33-month high of 5.6 percent in July.

The index might be even higher in August, said Bi Jingquan, vice minister in charge of the National Development and Reform Commission, though he believed the inflation was still under control and the factors leading to the recent price hikes were temporary.

During the week ended Sept. 2, egg prices dipped 0.3 percent from the previous week, aquatic products fell 0.6 percent, while vegetables declined 0.5 percent.

Prices of beef and mutton, however, rose 0.3 percent and 1.8 percent, respectively. Prices of edible oil and grain continued to climb as market demand remained strong.

(Xinhua News Agency September 6, 2007)

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