China's farm produce prices retreat last week

BEIJING, July 16 (Xinhua) -- Farm produce prices in 36 major Chinese cities went down last week, as wholesale prices of eight aquatic products shed 0.6 percent from a week earlier, the latest data showed Tuesday.

The Ministry of Commerce (MOC) said in an online statement that the prices of oil and rice dropped last week, with the prices of soybean oil, peanut oil and rice down 0.5 percent, 0.2 percent and 0.2 percent, respectively.

The wholesale prices of 18 kinds of vegetables remained basically unchanged, although prices of some varieties went up as unfavorable weather conditions affected supplies.

The cost of eggs shed 0.3 percent week on week, while the price of pork, the country's staple meat, gained 0.3 percent from the previous week.

Meanwhile, major production materials, including rubber and fuel, continued to head downward last week.

Food prices account for about one-third of the prices used to calculate China's consumer price index (CPI), a main gauge of inflation.

China's CPI growth accelerated to 2.7 percent in June.

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