Chinese authorities estimated the growth rate of hog prices will drop steadily after July and August, while hog prices are expected to remain relatively high due to high production costs.
On July 9, the State Statistical Bureau announced that June's food price was 14.4 points higher than the same time last year, resulting in a 4.26% increase in CPI. Pork prices grew 57%, which drove CPI up 1.37 points. The result indicates food prices continues to be the major force pushing up China’s CPI.
Pork prices soared in June, and authorities estimate food prices in July will be 0.7 points higher than in June and 14.2 points higher compared with the same period in 2010.
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