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China’s vegetable prices up 30.6% in November due to high food costs

A woman selects cabbage at a grocery market in Nanjing, Jiangsu province, eastern China, Wednesday, November 10, 2021.

Chinese Features | Barcroft Media | beautiful pictures

BEIJING – The price of fresh vegetables in China rose 30.6% in November from a year ago, the National Bureau of Statistics said on Thursday.

This increase follows a 15.9% year-on-year increase in October, as floods and other extreme weather in recent months have affected the farms. Although the agency noted that vegetable supplies increased in November, prices were still up 6.8% month-on-month.

Investors are watching for signs of whether rapidly rising prices and sluggish economic activity can continue to drag down growth.

Other food prices in China rose last month, with an overall increase of 1.6 percent year-on-year, amid strong global growth. The Food and Agriculture Organization of the United Nations said Its international food price index rose 27.3% year-on-year in November to its highest level since June 2011.

In China, the statistics agency said the price of eggs rose 20.1% in November from a year ago, while the price of freshwater fish increased by 18%.

The price of pork, a staple in Chinese diets, is still good below last year’s high with a year-on-year decrease of 32.7% in November. But pork prices have increased by 12.2% compared to October.

The consumer price index – which is very sensitive to pork prices – overall rose less than expected in November, up 2.3% from the 2.5% gain predicted by a poll of Reuters.

The producer price index rose 12.9%, topping expectations for a 12.4% gain. But November’s levels marked a slowdown from October, when the index rose 13.5 percent.

The producer price index has hit a record this year as commodity prices skyrocket.

Read more about China from CNBC Pro

https://www.cnbc.com/2021/12/09/chinas-vegetable-prices-surge-30point6percent-in-november-as-food-costs-soar.html China’s vegetable prices up 30.6% in November due to high food costs

Sunbiz

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