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Pork price increase rate "slows"

by 5m Editor
15 August 2007, at 9:10am

BEIJING - China is encouraging pig-breeders to boost their stocks following the rapid increase in pork prices.

Soaring food prices are believed to have fueled a steep increase in the consumer price index - 5.6 percent last month, the highest in 10 years.

Central bank statistics Tuesday showed that the wholesale price for live pigs saw a year-on-year increase of 85 percent last month.

On the central government's website, www.gov.cn, Xu Xihe, deputy director of the Department of Market Operation Regulation of the Commerce Ministry, said the main reason for the sharp increase in pork prices was due to low prices last year. The outbreak of blue-ear disease in some regions, and an increase in feed prices were also factors.

Analysts have warned the high price of pork will continue for some time until more pigs are raised.

Xu, however, said the rate of increase is starting to slow with the steady supply of pork to markets.

Source: China View

5m Editor