Beijing, Jan. 19, 2024: China’s food prices are expected to stay stable in the next stage, driven by multiple factors, an official of the country’s top economic planner said on Thursday.
Jin Xiandong said the factors included the gradual reduction of base and cyclical effects, the steady recovery of market demand and the effectiveness of policies benefiting farmers.
Xiandong, an official of the National Development and Reform Commission, said this at a news conference.
China’s consumer price index went up 0.2 per cent in 2023, with a growth pace slower than that in 2022, earlier data showed.
In 2022, the prices of energy and food in the international market saw sharp rises driven by some non-economic and unconventional factors.
The prices registered significant declines in 2023, Jin said.
He said that the prices of grain, edible oil, and fruits went up in 2023, while that of pork saw a cyclical decline, and the price of vegetables also dropped.
According to him, China’s agricultural product market sees abundant supply, smooth logistics, sound order and stable prices.
In the next stage, the commission will work with relevant parties to closely follow market supply, demand, and price trends and ensure adequate market supply and stable prices of vital commodities for people’s livelihoods, Jin said.