Pork supply shortage to last till next 2nd quarter
Updated: 2007-09-04 21:48
"But in the long run, the pork price is unlikely to increase by a large margin," Bi said.
The official said the likelihood of China importing pork in large quantities was "very small".
"Few countries would satisfy China's demand if the world's largest pork producer were to import one million tons of pork or more from overseas every year," he said, adding the country's pork output reached 52 million tons last year, more than half of the world's total.
Led by the rising price of pork, food prices have been climbing in the past several months, pushing the consumer price index (CPI), a main barometer of inflation, up by more than 3.5 percent on average for the first seven months. The CPI in July hit 5.6 percent, the highest for 33 months.
Li Huiyong, senior economist with Shenyin Wanguo Securities, was quoted by the China Business News as saying that the CPI could rise 5.8 percent in August and exceed six percent in October.
On Monday, the General Logistics Department of the People's Liberation Army (PLA) ordered all units to "take forceful measures" to ensure a stable food supply for soldiers.
"All army units should take measures fit for their own conditions to offset the impact of price hikes and ensure that soldiers' living standards do not drop," the department said.
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