Top producer Muyuan Foods said in an official WeChat statement on Saturday that it will increase its supply of pigs over the holidays to ensure prices stay within a reasonable range and the supply of pork in the market is sufficient.

Guangdong Wens Foodstuffs Group said on his WeChat account on Saturday that it will try to increase pork supply and keep prices reasonable for the National Day holiday.

Pork prices have recently reached record highs. The national average price at the wholesale market on Friday was 31.08 yuan ($4.36) per kilogram, up 1.2% from the previous week, according to the Agriculture and Rural Department.

Prices are expected to continue rising at least until mid-2023, but the rate of increase is likely to moderate under the price stability mechanism, said Wu Chaoming, deputy director of the Chasing Research Institute. tells his Global Times. “National regulatory mechanisms to stabilize prices will slow down price increases,” Wu said.

The country’s top economic planner, the National Development and Reform Commission (NDRC), said on Thursday that China will take its third step this year to secure supplies and keep prices stable ahead of the National Day holiday.

The NDRC will closely monitor market demand, supply and prices for live pigs, increase releases from central pork sanctuaries where necessary, and call on all locations to release regional sanctuaries at the same time.

The NDRC suggested that pig farms should take reasonable precautions for production, maintain a normal pace of pig production, and not blindly stock up on pigs.

The price of pork, the country’s staple food, is weighing heavily on the consumer price index (CPI) and the lives of the Chinese people. Data from the National Bureau of Statistics showed China’s CPI rose 2.5% y/y in August, slowing from a 2.7% rise in the previous month and below market expectations.

“CPI is expected to rise by 3% year-on-year in September. Rising pork prices are expected to have a significant impact on the consumer price index,” Wu said.

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Source: Global Times

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