(Yicai) Nov. 27 -- China plans to replenish the country's pork reserves for the third time this year in an effort to lift prices, after a more than 30 percent tumble in the cost of the meat staple played a part in pushing consumer prices in the world’s second-biggest economy into negative terrain last month.

The National Development and Reform Commission will work with other government departments and agencies to start buying and storing pork, it announced on Nov. 24.

The first two rounds of stockpiling in February and July failed to boost prices as expected, with pork tumbling over 30 percent last month from a year earlier because of the increasing number of pigs ready for slaughter. That contributed a 0.55 percentage point to the 0.2 percent dip in the consumer price index in October. But experts predict a seasonal uptick in pork before year-end.

There are several reasons for the recent low prices, with the number of fertile sows nearing the two-year peak early this year and the number of pigs ready for slaughter being high recently, said Wang Zuli, the agriculture and rural affairs ministry’s chief hog market expert.

The peak season for some animal diseases is coming as the weather gets colder, Wang pointed out, leading pig farmers to get animals ready for abattoirs faster out of concern over epidemics thereby causing prices to fall further.

But people will start buying more pork as New Year’s Day and Chinese New Year approach, Wang said. Prices will likely rise but drop again in the off-peak season in the first half of 2024, and the market will fall back into the red, Wang added. Chinese New Year falls on Feb. 10 next year.

Editors: Dou Shicong, Martin Kadiev