Economy

Vegetable prices decline at faster rate

(Xinhua)
Updated: 2010-11-24 06:22

A vendor sits in front of a pile of Chinese cabbage as he waits for customers at Xinfadi open-air wholesale market in Beijing Nov 23, 2010. [Photo/Agencies]

BEIJING-- China's vegetable prices declined at a faster rate last week as weather remained good and local governments stepped up efforts to ensure supplies.

Related readings: Local governments launch CPI-related subsidies  CPI hits new high with 4.4% increase  China vegetable prices slightly lower: Report  China's vegetable prices up 62.4% year-on-year

According to a report by the Ministry of Commerce (MOC) on Tuesday, the prices of 18 types of vegetables for the week ending Nov 21 declined 2.6 percent from the previous week, and the pace of the fall accelerated from the previous week's 0.8 percent.

The ministry said that radishes, cucumbers and celery were among the vegetables that witnessed the largest fall in prices, dropping 11.1 percent, 10 percent and 7 percent respectively week-on-week.

This was good news for the Chinese government as it strove to ease inflation and keep rising prices in check.

China's consumer price index (CPI), a main gauge of the country's inflation, surged to a 25-month high of 4.4 percent in October. Food prices, which account for one-third of the basket of goods used to calculate the CPI, soared 10.1 percent last month.

However, according to the MOC report, China's meat and cooking oil prices during the period of Nov 15-21 edged up because of rising demand. Prices of pork and beef rose 2.2 percent and 0.7 percent respectively, week-on-week.