Despite the devastating floods continuing to batter most parts of southern China in recent days, the country's grain prices have not been impacted that much. Analysts predict China's food prices will rise as much as 14.2 percent in May.

China's flood havoc has affected millions of people in Zhejiang, Jiangsu, Anhui, Jiangxi, Hubei, Hunan and Guangdong provinces.

It cut off roads, breached dikes, inundated villages and caused mudslides.

But the natural disaster has taken a limited effect on the country's grain production. Prices of corn, rice and wheat have slumped as much as around 5 percent on average.

And grain futures prices kept to a downward spiral in the past week, plummeting as much as over 6 percent.

The torrential rain has submerged much of the region's vegetable farm land. Statistics from the agricultural department of Zhejiang Province show rainfall has reduced vegetable production by about 20 percent.

In the southern Guangdong Province, the price of cabbage are more than 4 times higher than usual.

According to Guotai Jun'an Securities, the high vegetable prices will likely keep China's June CPI growth at a high level. And food prices in the country are predicted to surge by more than 14.2 percent in the month.