AP is distributing the following video news release on behalf of CCTV Material is not AP Content AP does not guarantee the accuracy of this content nor endorse any opinions reflected in it. More downloads available at -amplthttpnewscontent.cctv.com-ampgt Supervision data show that the price of pure peanut oil in China has increased by 20 percent year on year in mid August though the country s CPI in July only increased by 1.8 percent. It s the second round of price rise for peanut oil within the year. Data released by China s state news agency Xinhua show that as of Aug. 16 pure peanut oil prices across the country had risen by 12.8 percent since April 1 a year-on-year increase of around 20 percent. In April Luhua Fulinmen Jinlongyu and other major peanut oil producers raised their prices by 8 to 10 percent. Wang Xingguo vice president of the Oil and Fat Processing Sub-association under the Chinese Cereals and Oils Association said that the direct cause of the price hike is the co-effect of rising costs and increased demand. With growing demand of peanut oil among consumers and the cost of planting and logistics increased the present rise of peanut oil prices is on a fast track said Wang. For our company the consumption increases by 20 to 30 percent every year and the market demand also goes up annually so raw materials are often short of supply said Sun Menggquan president of the Luhua Group in eastern China s Shandong Province. Some regions have witnessed reduced peanut acreage this year. Our county usually grow 33300 hectares of peanuts annually over the past years but beginning last year on the peanut acreage began to shrink from 28733 hectares last year to this year s 28667 hectares according to our statistics said Wang Fuyi an agricultural official in Pingdu County of Shandong Province which is also a main production base of peanuts. But experts said since peanut oil takes up only 10 percent in the cooking oil consumption its price hike is unlikely to drive prices of other cooking oils to rise. More downloads available at -amplthttpnewscontent.cctv.com-ampgt Copyright CCTV For any questions please call 86-10-63969499 or email newscontentcctv.com -ampltmailtonewscontentcctv.com-ampgt. If you want to learn more please go to the CCTV website at -amplthttpnewscontent.cctv.com-ampgt.

• published: 01 Nov 2013
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