Economy

China's farm produce prices rise for 11th straight week

(Xinhua)
Updated: 2010-09-08 09:21

BEIJING - The price of edible farm produce in China's 36 large and medium-sized cities has risen 11 weeks in a row, the Ministry of Commerce said Tuesday, indicating greater inflationary pressure this month.

In the week ending Sep 5, farm produce prices rose 0.2 percent in those cities from one week earlier, boosted by strong demand as the annual Mid-Autumn Festival and the National Day draw near.

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Prices of eggs, pork, mutton and beef rose 1.4 percent, 0.5 percent, 0.5 percent and 0.2 percent, respectively, from one week earlier.

However, vegetable prices reversed the upward move to fall last week with the wholesale prices of 18 types of vegetables dropping 0.6 percent from one week earlier, the statement said.

A report issued Tuesday by UBS Securities said the consumer price index (CPI), a main gauge of inflation, may reach 3.7 percent in August, partly fueled by a rise in prices of agricultural products.

China's July CPI rose 3.3 percent from one year earlier, the highest level in 21 months.