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Peanut prices jump record high of 50% since Mar.

08-10-2011 09:33 BJT Special Report:China’s Economic Data for July |

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Eggs aren't the only food product seeing a jump in prices. The cost of peanuts is approaching record highs -- after seeing a 50-percent increase since March.

This farmers market is the largest wholesale market in Hangzhou. More than 200-thousand, sometimes 300 thousand kilograms of peanuts are sold here everyday. The recent price hike came as a surprise for many.

Yang Detong, a peanut wholesaler said, "I have been selling peanuts for about 25 years. I have never seen a price hike like this."

Peanuts were sold at 10 yuan per kilogram at this market five-months ago, now they are selling for 15 yuan. The price increase reduced sales as many consumers turn to other alternatives.

The cost of peanuts is approaching record highs -- after
seeing a 50-percent increase since March.

A consumer said, "Prices have almost doubled. We are working class. We'll eat when it's affordable, not when it's like this. It's not like rice."

So what pushed the price up in such a short period of time? It has to do with the weather. Natural disasters in Anhui and Shandong, the major peanuts producing provinces caused a 15-percent decrease in peanut production.

Dong Xia, a wholesaler said, "Anhui has had major floods this year, and Shandong had droughts. Otherwise the prices would've been quite stable."

High peanut prices also pushed up the price of related products such as peanut oil. Sales have decreased almost 40 percent. Most supermarkets have not adjusted the price of oil but some consumers have already started storing peanut oil.

The cost of peanuts is approaching record highs -- after seeing a 50-percent increase since March.

 

Editor:Li Wanran |Source: CNTV.CN

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