Hog prices continued to grow for the fifth week, up to 12.23 yuan ($ 1.80) per kilogram July 21. Hog farmers are now able to break even due to the price jump, according to a report released by the National Development and Reform Commission (NDRC) Thursday.

"Continuous low prices and high feed costs forced farmers to cut their livestock numbers. Some hog raisers even went out of business over the past few months. After that, oversupply in the hog industry eased. Supply and demand is heading towards a balance point," said Du Zhixiong, director of the Institute of Rural Development of the Chinese Academy of Social Sciences.

"The government's purchase of the hogs to add to its frozen pork reserve also played an important role in stabilizing the hog price," Du added.

Statistics from the Ministry of Agriculture show that at the end of June, the total number of hogs in the country decreased to 437 million, down by 6.9 percent compared with the end of last year.

Li Chengwen, a hog raiser in Changchun, Jilin Province, Thursday told the Global Times that the hog price now in his hometown was around 12 yuan ($ 1.77) per kilogram. "As long as the price is above 12 yuan per kilogram, we can make ends meet. Otherwise, we will suffer a loss," he said.

In April, hog prices hit their lowest point in four years, 9.43 yuan ($1.38) per kilogram, even cheaper than some vegetables.

According to the report by the NDRC, the price would continue to go up, mainly because pork demand would see a major increase around the Chinese traditional holiday, Mid-Autumn Festival. Since the supply of pork can still cover demand, a hike in prices is unlikely.