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Price explosion: + 62% for vegetables, + 96% for garlic
China
Monday 22 November 2010
FJ
In 1 year, vegetables increased by 62.4% and garlic by 96%!
According to a survey by the Ministry of Trade, the price of vegetables in large Chinese cities exploded.
The survey conducted in 36 cities over 18 varieties of vegetables showed large increases : 62.4% increase for vegetables compared with prices from November 2009.
Prices of garlic and ginger have literally exploded with the increase of 96% and 90%.
The Department of Commerce estimates that increases are factors of the bad weather and flooding this summer, which was added speculation.
But the upward trend expected to continue with higher prices of pesticides, labor, transportation and oil.
Source: Market Watch, Wall Street Journal
