Pork prices in China surged compared to a week ago amid tight market supply, official data showed.
From July 4 to July 8, the average pork price tracked by the Ministry of Agriculture and Rural Affairs was 30.87 yuan (about 4.59 U.S. dollars) per kg, up 17.6 percent week on week. The price was 41.1 percent higher than a year ago.
The ministry has attributed the price rise to the decline of hog supply in the market and the volatile “reluctance to sell” market sentiment.
The price of pork, China’s staple meat, has continued to rise in recent weeks. The National Development and Reform Commission said last week that it will take timely measures and tighten market oversight to prevent sharp increases in hog prices.
Originally published by Xinhua