(Yicai Global) Sept. 18 -- China's pork price rally has been slowing down in the past week and a macroeconomic planning agency under the cabinet expects prices to remain stable during the upcoming one-week National Day holiday.
The National Development and Reform Commission will continue to closely monitor price changes in staple foods and if necessary, intervene in a timely manner to keep prices stable, Meng Wei, a spokesperson of the NDRC said at a press conference today.
Since last year, African swine fever outbreaks have caused large declines in the number of swine in China, which has prompted price hikes. In August, pork prices jumped 46.7 percent from a previous year, and 23.1 percent from July, according to the National Bureau of Statistics.
From Sept. 11 to 17, pork prices rose by 0.28 percent each day in 36 large and medium-sized Chinese cities, which was still less than in August, according to the NDRC. Prices even dipped on Sept. 14, one day after the nation's Mid-Autumn Festival.
Price fluctuations of the popular meat in China have also affected the consumer price index. In August, the official CPI climbed by 2.8 percent from a previous year, the NBS announced earlier.
Editor: Emmi Laine