China's average wholesale prices of certain vegetables decline in December

The average wholesale prices of some bulk vegetables in China saw a slight decline in December 2024, due to the favorable weather conditions that were conducive to the production of vegetables.

According to the latest data released by the Ministry of Agriculture and Rural Affairs, the national "vegetable basket" index, or agricultural product wholesale prices index, stood at 122.52 last month, decreasing by 1.58 percentage points month on month but dipping by 0.8 percentage point year on year.

In December, the average wholesale price of 28 key types of vegetables that are monitored by the ministry fell to 5.04 yuan (about 0.69 U.S. dollar) per kilogram nationwide, down 1.04 percent month on month, but up 1.8 percent year on year.

By varieties, the prices of 12 vegetables increased, while those of 16 dropped, of which both tomatoes and celeries experienced a decrease of more than 10 percent in price.

"Vegetable prices in all parts of China were basically stable, with a slight month-on-month decline. This was mainly because the cold air was relatively weak in December 2024 and the weather conditions were generally favorable for vegetable production. Bulk vegetables such as cabbage, radish, and carrots were supplied to the market in a concentrated period of time. The output in the areas that have advantages in producing vegetables, including Shandong, Henan, Hebei, Hunan, and Hubei, increased steadily, and vegetable supply has been sufficient," said Zhang Jing, associate researcher at the Agricultural Information Institute under the Chinese Academy of Agricultural Sciences. Noting that the overall price of vegetables in December 2024 reached a low during a certain period nationwide, Zhang said that the figure rose over the last two weeks of December, during which the price rose by 2 percent month on month between December 23 and 29.

"It is expected that vegetable prices will gradually step into a seasonal upward trend later, which is mainly caused by the strong demand for vegetables during the New Year's Day and the Spring Festival holiday seasons, as well as the seasonal increase in prices of winter and spring vegetables. For example, the production cost of greenhouse vegetables is about 30 percent higher than that of open-field production, and the transportation and preservation costs of transporting vegetables from the warmer south to the colder north will increase as well," Zhang said.

Due to the New Year's Day and the approaching Spring Festival holiday season, Beijing saw an increase in both supply and demand for vegetables, with the prices climbing.

The demand for some vegetables, such as beans, eggplants, and spinach, has increased recently, leading to the price increases, while the prices of some other varieties including cabbage and celery cabbage rose as the dropping temperatures have negatively impacted production and supply, said merchants at the Xinfadi, Beijing's largest farm produce wholesale market.

During the period from the New Year's Day to the Spring Festival, the vegetable supply in the capital city mainly include vegetables produced in south China, those produced in protective cultivation in north China, and those stored for the winter, with each accounting for one third of the total.

"Zucchinis are grown on a large scale in Shandong, with many growers and other farmers growing this vegetable. Peppers and tomatoes are also in efficient supply here. Before the Spring Festival holiday season in late January and early February, 30 tons of gourds can be supplied to the market every day," said Zhao Weihong, a merchant at the Xinfadi wholesale market.

"After entering the 12th lunar month, the vegetable supply is relatively sufficient. At present, our daily supply is around 23,000 to 24,000 tons, and it may exceed 24,000 tons during the Spring Festival holiday season. Because the demand is increasing, the supply capacity will also expand simultaneously," said Liu Tong, analyst of the Xinfadi wholesale market.

Data show that on December 31, 2024, the weighted average price of vegetables at the Xinfadi wholesale market was 3.32 yuan (about 0.45 U.S. dollar) per kilogram, an increase of two percent compared with December 24.

China's average wholesale prices of certain vegetables decline in December

As the uncertainty surrounding the Trump administration's tariff policies fuels inflationary fears in the United States, a number of consumers have resorted to panic buying amid growing concerns that costs could shoot up.

With price hikes expected on goods such as automobiles, beauty products, and even on everyday food items, many residents say they have been rushing out to stock up before prices climb even further.

In recent street interviews with the China Global Television Network (CGTN), New York residents shared how the impact of the ongoing tariff war is affecting their daily lives.

"Actually, I already have. I've already started stocking up. My mother has a whole stockpile, and she's panicking. But I told her we're going to be okay, as we live in New York City," said Amelia Guilford, a retail worker who was visiting her mother in the city.

With many anticipating a rise in inflation, many Americans are concerned about the long-term financial impact, and say they are now being more prudent with their money.

"I think we have to [spend more carefully]. Because otherwise you're going to be in real trouble economically or in debt, because if you spend more than what you get, that's going to be a lot of trouble," said Jose Pena, a janitor.

The tariffs, which directly affect the price of imported goods, have led to predictions of significant price increases, particularly on goods coming from China, which has been the biggest target of the tariffs.

"[Products] from China are going to be more expensive. I cannot exactly name what kind of products one by one, but every one that comes from China is going to be more expensive, without a doubt," said Pena.

Public frustration is evident, with some questioning the logic behind U.S. President Donald Trump's risky and unpredictable pursuit of tariffs on other countries, as the debate over the long-term consequences of the policy intensifies.

"I think he's just making enemies, and I trust him not. And I think he's making a mess of everything. I think it's all going to come around and flip back. The changes he's doing are completely unsustainable," said Lois Adams, a nurse, as she expressed her disapproval of Trump's approach.

Ordinary Americans are facing up to the harsh reality of rising prices and remain anxious about the future economic impact of the continuing trade war.

Jerome Wilkins, a security worker, voiced concerns about the broader societal implications of the tariffs, warning it will again be the poorest people who suffer the most.

"I think that the tariffs are horrible. I think that it's like privatizing America, and instead of America being a country for the people, it's a corporation for the rich. And it's just for them to get richer, while the poor get poorer. And that's basically how I feel," said Wilkins.

Meanwhile, the Chinese government announced it would raise tariffs on all imported U.S. goods from 34 percent to 84 percent, effective Wednesday, in response to the U.S. decision to escalate its "reciprocal tariffs" on Chinese products, further adding to the economic strain.

Tariff war triggers panic buying in US, raising public concerns over rising costs