China's top economic planning agency revealed Thursday that it
had commissioned local pricing authorities to conduct
investigations into the prices of major food products after price
hikes of instant noodles and at certain fast food restaurants
triggered consumers' complaints.
The investigations will mainly tackle staple diet elements such
as grain, edible vegetable oil, pork, beef, mutton, and poultry,
the National Development and Reform Commission (NDRC) said in a
circular.?
The price hikes in grain, edible vegetable oil and pork in
China, due to global grain price rises since the fourth quarter of
last year, have sparked widespread concerns, according to the
circular.
The NDRC has identified several areas of concern such as
industry associations calling for unified price hikes among their
member companies,?with some other firms guilty of raising
prices by hoarding or fabricating rumors, severely upsetting the
market and threatening social stability.
The planning agency also ordered local pricing authorities to
scrap or slash illegal and high administrative levies on food
producers, transporters and sellers. These plans are all part of
the government's efforts to balance out price stability.
China's consumer price index, the main gauge of inflation, hit
the 33-month-high of 4.4 percent in June, mainly driven by food
price rises.
(Xinhua News Agency August 3, 2007)
