China: Price pickled red pepper drops dramatically

This week's pickled red pepper price has been dropping. On the Wanbang market, the price is now 4.98 yuan per kg, compared to 7.00 yuan last week, 8.00 yuan last month, and 8.88 yuan last year. This is a drop of 28.93% from last week, 37.81% from last month, and 43.94% from last year.

The pickled red pepper on the Wanbang mostly comes from Anhui, Jiangsu and Shandong. There are two main reasons why its price has been dropping this week. Firstly, the supply has increased. The pickled red peppers from Jiangsu and Anhui entered the market at the same time, causing a bump in the supply, and a drop in price. Secondly, when the Shougang peppers from Shandong entered the market, the price did not change as much but, because Shougang has a wide range of vegetables, many people bought them all in one go. That is why Shandong pickled red peppers sold rather fast, but still have rather small market share.

It is estimated that the price will only fluctuate slightly in the short term. After New Year's Day, pickled red peppers from Yunnan will also enter the market. Based on the experience of previous years, their price will most likely be between 4.0 and 5.0 yuan per 500 gram.

Source: CCTV News

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