MOFCOM: China's vegetable, fruit prices to fall on increasing supplies
Prices of vegetables and fruits are expected to drop with increasing supplies in the market, after a recent hike, according to the Ministry of Commerce (MOCOM) Thursday.
MOCOM data showed average wholesale prices of vegetables and fruits in April in 36 Chinese cities jumped 15.6 percent and 12.5 percent from the same period last year, respectively.
Gao Feng, a spokesperson with the MOCOM, attributed the rising prices to tighter supplies and unfavorable weather conditions in major producing areas.
"After the start of spring, major producing areas saw continuous rainy days with low temperatures and temperatures fluctuated in parts of north China, resulting in a negative impact on fruit and vegetable production," Gao told a press conference.
Prices of vegetables last week, thanks to increasing supplies, dropped 6.9 percent from early May.
MOCOM data also showed average wholesale prices of pork rose 18.7 percent year on year in April.
Affected by African swine fever, the stocks of hogs in China fell sharply, pushing up pork prices, Gao said.
Pork prices are expected to remain stable with lower meat consumption in summer, he added.
Official data showed China's consumer price index, a main gauge of inflation, rose to a six-month high of 2.5 percent in April as tighter supplies of vegetables, pork and fruits drove up food prices.