China's Ministry¹ of Commerce says pork prices will remain high this year, but will not soar.

 

中国商务部部长表示，今年猪肉价格仍居高不下，但不会高涨。

 

Ministry spokesperson Shen Danyan outlined the contributing factors to the pork prices hike.

 

"This pork price surge is mainly due to the decrease in pig supply, which can be attributed to the previous long-running losses in the pig breeding industry. So the price surge this time can also be seen as a self-restoration of the market."

 

Data from the ministry shows that the average wholesale² price of pork across 36 Chinese cities reached 25.34 yuan or about three U.S. dollars and 90 cents per kilogram last week, the highest figure recorded since October 2011.

 

The spokesperson has estimated that a sharp pork price rise is unlikely, as live pig output will gradually increase to balance market supply and demand. 

 

Pork is a staple³ meat in China and its price is subject to a boom-and-bust cycle.

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