Surveys from the City Development and Reform Commission (Price Bureau) and the Chinese National Bureau of Statistics show the following: the price of several monitored fruits (pineapple, banana, mandarin, and Navel orange) increased in February in comparison with the same period in the previous year as a result of the Spring Festival effect. The prices increased with 20.8%, 14.6%, 14.6%, and 7.4% respectively. The price of apples remained stable.
The reasons for the price increase during the Spring Festival are as follows: first, the market supply is tight and the extended cold period is not favorable to fruit in storage. Merchants are reducing the supply, which causes the price to rise.
Secondly the long winter has caused transport, storage, and labor costs to increase. This in turn pushes up prices. Third, the fruit consumption level increases as people give fruit as gifts to family and friends during the Spring Festival. The price follows demand and increases.
Source: Early Morning News