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China lifts curbs on basic food prices

By Si Tingting (China Daily)
Updated: 2008-12-01 17:57

China has from today removed the curbs on basic food prices it imposed early in January to check rising inflation.

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A notice posted on the website of the National Development and Reform Commission (NDRC) today said it is lifting temporary price curbs on grain, meat, diary products, eggs and cooking oil. The makers and sellers of these products would no longer need government approval for price increases, rather they will have their own say in fixing prices.

The top economic planning agency also urged price regulators at all levels to closely monitor price changes of basic food products and guard against possible abnormal price fluctuations. Local governments have also been asked to ensure sustained supplies of grain, meat and cooking oil in some key regions.

The NDRC had imposed a temporary price cap on January 15, whereby makers and sellers of grain, cooking oil, meat products, milk, eggs and liquefied petroleum gas had to get approval from the government for price increases. The price cap was imposed to mitigate the hardship suffered by many low-income households when prices of some key commodities soared late last year. Soybean oil prices had risen by nearly 58 percent in January over same period last year, while lamb prices rose 51 percent in the same period.