The price of pork in China has continuous increased by a cumulative total of 34.9% during the past five weeks, Global Times has reported.
In the week beginning 8 November, the weekly price of wholesale pork rose reached 24.02 yuan ($3.76) per kilogram, a month-on-month increase of 3.8 percent, according to data released by the Ministry of Agriculture and Rural Affairs (MOA).
The data from the ministry shows, however, that although the price of pork saw a cumulative increase of 34.9 percent for five weeks, it declined 39 percent compared with the same period of 2020.
Commenting on the rise, Wang Zuli, deputy researcher at the Institute of Agricultural Economics and Development of the Chinese Academy of Agricultural Sciences, told the Global Times: “The rise of pork prices showed China’s boost in consumption with consumers’ solid spending power.”
My Wang also noted that due the sharp fall of pork prices in the first half of 2021, pig farmers were faced with continuous losses with increasing prices of feed which accelerated the slaughter of pigs and led to a temporary shortage of supply in the second half of this year.