Farm produce prices post declines last week

BEIJING - Farm produce prices posted declines last week, largely dragged down by meat prices, the Ministry of Commerce said Monday.

Last week, prices of pork, beef and mutton retreated 0.3 percent, 0.1 percent and 0.9 percent from one week earlier, respectively, according to the ministry website.

Vegetable prices edged down last week, reversing recent upward trend. The average price of 30 types of vegetable dipped 0.3 percent, compared to an increase of 1.5 percent a week earlier.

White gourd, green pepper and cauliflower dropped 6.5 percent, 4.3 percent and 4 percent, respectively.

Prices of fish, eggs and chicken all fell. Grain prices were unchanged, while rapeseed oil edged up 0.1 percent.

Food prices account for one-third of the calculation of China's consumer price index (CPI).

This year's target consumer price growth is set at 3 percent, the same as in 2015. China's CPI rose 1.9 percent in June, down from the 2 percent growth rate registered in May.

China will announce July's CPI on Tuesday.