Data from the Xinfadi Wholesale Market shows that the price of vegetables was on average 3.51 yuan [0.52 USD] per kg on the day of Chinese Spring Festival [February 5th, 2019]. The price quickly came down after the festival ended, and the average price of vegetables reached 2.96 yuan [0.44 USD] per kg on February 10th, 2019. This is a price decrease of 15.5%.
Xinfadi data analyst Liu Tong explained that most vegetables traded during Spring Festival are out-of-season vegetables. These vegetables are relatively expensive. This is one of the reasons why prices reach a peak during Spring Festival. Compared to last year, the average price of vegetables came down from 4.06 yuan [0.60 USD] per kg, which is a decrease of 13.5%. In other words, supply clearly improved in comparison with Spring Festival last year.
The supply of vegetables and fruit to Xinfadi Wholesale Market increased this year by 25% in comparison with Spring Festival last year. This is the main reason that the price is lower this year, and also the reason that the price came down quickly after Spring Festival. This year, several large and medium traders continued to operate during Spring Festival to supply supermarkets and other retailers.
Liu Tong predicts that the vegetable price has already passed its highest point this year. The market will experience seasonal decline and the overall trend of price fluctuations will be downward.
Source: Beijing Evening News