BEIJING — Pork price in China declined by 7 percent last week on a weekly basis as hog supply increased significantly, official data showed.
From July 25 to 29, the average pork price tracked by the Ministry of Agriculture and Rural Affairs stood at 27.7 yuan (about $4.11) per kg, marking a decline for three consecutive weeks.
The price went up 32.3 percent year-on-year, but the growth narrowed 6.1 percentage points from the previous week, the data showed.
China has tightened market oversight to ensure the market supply of pork, the country's staple meat, and rein in price hikes.
The country's hog supply in the second half of this year is guaranteed and hog prices will not increase continuously and substantially, Chen Guanghua, an official with the ministry said earlier.