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Pork prices to stabilize in Chinese market: NDRC

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2019-09-18 14:11:47Global Times Editor : Li Yan ECNS App Download

Consumer prices in China, including the price of pork, are expected to remain stable under government policy support, a Chinese official said on Wednesday.

The average daily increase of pork prices in 36 cities in China stood 0.28 percent from September 11 to 17 - lower than the figure in August, Meng Wei, spokesperson of the National Development and Reform Commission (NDRC) said on Wednesday. 

Pork prices dropped 0.22 percent on average on the second day of the Mid-Autumn Festival. Out of the 36 monitored cities, 10 cities witnessed slight increases, while 13 cities saw prices drop and 13 remained stable, Meng said. 

Due to the outbreak of African swine fever (ASF), live pig supplies have been affected, leading to a surge in pork prices recently. The rise in pork prices has contributed significantly to the CPI growth from January to August. According to the NDRC on Wednesday, China's CPI grew 2.4 percent from January to August year-on-year, up by 2.8 percent in August. Core CPI, excluding food and energy, increased only 1.7 percent in the first eight months, however, up by 1.5 percent in August.

Government policies have been rolling out to secure the supply of live pigs and to stabilize pork prices. On September 3, the Ministry of Finance and the Ministry of Agriculture and Rural Affairs jointly released measures to encourage pork production, including offering subsidies to farmers affected by ASF and expanding loans to farmers. 

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