China Targets Vegetable Hoarders as Spinach Surges 157%
- Heavy rain, soaring coal prices pushed up production costs
- Demand likely to ease after Lunar New Year, economists say
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Vegetable prices have soared in China in recent weeks, costing more than meat in some cases, and creating another headache for consumers already hit by power shortages and strict virus curbs.
Wholesale vegetable prices surged 28% in the four weeks through Oct. 22, and is now at the highest level since February, the latest data from the Ministry of Commerce shows. Heavy rainfall in major growing regions this year damaged crops and soaring coal prices has also made greenhouse farming more expensive.