Nationwide year-on-year price increases for beef and mutton have narrowed noticeably since the start of this year

The reporter learned from the Ministry of Agriculture on the 3rd that since the start of this year, nationwide beef and mutton prices have not continued the upward trend of previous years, and the year-on-year price increases have narrowed noticeably. In the first three quarters, the average year-on-year price increases for beef and mutton were only 7.5% and 6%.

In pastoral provinces such as Inner Mongolia, however, beef and mutton prices fell instead of rising during the peak season, with live cattle and live sheep prices declining to varying degrees in some areas, and some places even facing difficulty selling sheep.

According to monitoring by the Ministry of Agriculture of 480 farmers' markets, in the 4th week of October, the nationwide average prices of beef and mutton were 63.6 yuan and 64.85 yuan per kilogram, up 4.3% and 1.6% year-on-year respectively, and down 1.27 yuan and 3.15 yuan respectively from the highest prices at the start of the year, a rare occurrence in recent years.

Among these, in the 4th week of October, the price of mutton in pastoral areas such as Inner Mongolia and Xinjiang was 57.34 yuan per kilogram, down 6% year-on-year. Mutton prices in pastoral provinces have fallen for 10 consecutive weeks month-on-month and have been below the level of the same period last year for 7 consecutive weeks, which is uncommon during the traditional peak consumption season in previous years.

“Increased production and weak consumer demand are important factors causing the softening of prices.” analyzed Wang Zongli, deputy director of the Animal Husbandry Department of the Ministry of Agriculture.

According to monitoring by the Ministry of Agriculture of 17 large wholesale markets including Xinfadi, in the first 10 months, beef trading volume fell 11.7% from the same period last year, and mutton trading volume fell 19.2%.

Wang Zongli believes that although the upward momentum in beef and mutton prices has slowed somewhat since the start of this year, and mutton and live sheep prices in some areas have seen temporary declines, as industrialization, urbanization and agricultural modernization accelerate, residents' living standards continue to improve, and dietary structures adjust more quickly, increased beef and mutton consumption is a major trend, the pattern of tight supply will not fundamentally change in a short period, and prices will not fluctuate greatly.