That’s right. According to our market intelligence from the all-authoritative China Daily and People’s Daily, the prices of non-ferrous metals such as nickel, zinc, aluminum, and copper have plunged quite a fair bit lately while the price of garlic has shot up a hundredfold over the last two years. Apparently, the market rate for one kilo of garlic is now a whopping ¥19, more than the price of pork (¥13.96/kg) and eggs (¥6.80/kg)! [Can anyone verify this? We haven’t been doing much groceries lately!]
Bad weather in several parts of the country has led to a short supply but the main reason behind this weird situation is that businessmen have been hoarding large supplies of garlic only to sell them when prices have gone up. One man in Northeast China is said to have made over a million yuan this way and “garlic speculator” is supposed to have been one of the top ten keywords on the Chinese internet last year.