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A customer shops for pork at a grocery store, Taiyuan, Shanxi Province, China, December 9, 2022. /CFP
China's top economic planner, the National Development and Reform Commission (NDRC), has vowed to stabilize hog prices following a price drop.
Pork prices in China have fallen rapidly in recent weeks. Official data showed the country's pork prices registered a week-on-week decline from December 12 to 16.
During that week, the average price of pork tracked by the Ministry of Agriculture and Rural Affairs was 25.76 yuan ($3.7) per kilogram, down 11.1 percent from the prior week.
The price was still 19.6 percent higher year on year, but down 7.5 percentage points from a week earlier, the data showed.
The recent decline in pork prices is mainly due to weaker pork consumption than in previous years and an increase in hog supply at the end of the year, said the NDRC, adding that hog production capacity remains in an "overall reasonable range."
The NDRC pledged to closely monitor the dynamics of market supply, demand and prices and implement measures to promote the long-term healthy development of the hog market.
(With input from Xinhua)
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