MOC monitors farm produce price decline

BEIJING - Farm produce prices in China's 36 major cities saw a general decline last week following the Spring Festival holiday, according to a Ministry of Commerce (MOC) survey on Tuesday.

The average wholesale price of 18 monitored vegetables declined 7 percent month on month from Feb 18 to Feb 24, while eight aquatic produces dipped 0.9 percent, the ministry's report said.

The wholesale price of pork, a staple meat in China, dropped 3 percent, and that of beef and mutton also nudged down by 1.3 percent and 1 percent respectively.

Meanwhile, the retail prices of chicken and eggs mildly declined as well as cooking oil. There were mixed results for grain, with a decline of 0.2 percent in rice but an increase of 0.2 percent in flour.

Referring to major means of production, the average price of minerals, energy, steel and chemicals increased while rubber and nonferrous metals were cheaper.

Food prices account for about one-third of the prices used to calculate the consumer price index (CPI), a main gauge of inflation, in China.

The country's consumer price inflation fell to 2.0 percent year on year in January, down from a seven-month high of 2.5 percent in December.