Farm produce prices rise for 10th week

Farm produce prices in China climbed for the tenth straight week during the seven days ending Jan. 6, as cold weather has cut supplies, figures from the Ministry of Commerce showed Wednesday. The wholesale price of 18 types of vegetables monitored across 36 major cities gained 7.1 percent from the previous week, the ministry said. The rate was up from the 2.9-percent growth logged during the previous week, according to the ministry's data. The price of white turnips jumped 19.9 percent week on week, while the price of lettuce gained 12.6 percent, the ministry said. The wholesale price of pork, a staple meat, edged up 1.1 percent from the previous week. The wholesale price of eight kinds of aquatic products monitored by the ministry moved up 0.5 percent from a week earlier. Food prices account for about one-third of the weighting in the country's calculation of the consumer price index (CPI), a key gauge of inflation. China has experienced its lowest temperatures in 28 years since the end of November, which has affected the production and transportation of farm produce. Authorities have moved to rein in soaring vegetable prices, introducing measures to reduce logistics costs and boost supplies, as sharp price hikes have triggered widespread public outcry. Higher inflation would tighten authorities' room to relax the monetary policy put in place to stimulate the economy, according to analysts. The market projects the inflation figure at around 2.3 percent in December, up from 2 percent in November.