China's farm produce prices fall week-on-week

BEIJING - China's prices for farm produce and producer goods fell week-on-week, the Ministry of Commerce (MOC) said Wednesday.

During the week that ended November 28, vegetable prices continued to drop as most regions have been working hard to ensure winter vegetable supplies, said a statement on the MOC's website.

Wholesale prices of 18 staple vegetables went down 5.9 percent from the previous week. The decrease was 3.3 percentage points more than in the previous week.

Further, the prices of eight seafood products went down 0.1 percent week-on-week.

Also, beef prices shrank 0.1 percent week-on-week. Pork prices went up 0.3 percent, but the growth rate was 1.9 percentage points lower than the previous week.

Food prices account for about one-third of the weighing in China's consumer price index (CPI), a major gauge of inflation, and the falling farm produce prices are expected to ease some inflationary pressure for the government.

China's CPI rose to a 25-month high of 4.4 percent year-on-year in October and the hike was largely contributed by a 10.1 percent surge in food prices.

source:Xinhua