Economy

Farm produce prices higher amid inflation concern

Updated: 2010-11-04 09:45

A child is seen near a pumpkin stall at a market in Hefei, Anhui province November 3, 2010.[Photo/Agencies]

BEIJING — Prices of China's farm produce in major cities have all posted rises in the week that ended October 31 from the previous week, government figures showed Wednesday.

The rise in food prices, which have a one-third weighting in the calculation of China's consumer price index (CPI), has added to inflation concerns as the index rose to a 23-month high of 3.6 percent in September.

In the week of October 25 to October 31, prices of 18 types of vegetables rose 1.9 percent, a report released Wednesday by the Ministry of Commerce said.

Prices for eggs and meat (pork) rose by 0.2 percent and 0.7 percent, respectively, while the price for edible oil (soybean oil) gained 0.3 percent.

Meanwhile, prices of rice and flour rose 0.2 and 0.4 percent, respectively. Seafood prices edged up 0.1 percent.

Surging food prices pushed China's CPI to the highest point in nearly two years in September, and the inflation rate was above the government's target ceiling of 3 percent for 2010.

In September, food prices climbed 8 percent year on year, picking up strength after rising 7.5 percent in August, 6.8 percent in July and 5.7 percent in June.