City Sees a Round of Price Increases on Several Food Products
Several supermarkets in the city could begin increasing edible oil prices by 8 percent in the next few days. Major edible oil brands have already informed supermarkets that their prices will start their increase in Mid April within a range of 8-12 percent. Other edible oil brands are expected to increase prices in May.
Several food products manufacturers are also eying a price increase because of increased costs. The price hike is a result of recent increases in fuel prices. Nestle recently increased prices on several of their products such as coffee, baby formula and adult milk. Mead Johnson is also planning to increase the price of their milk soon. One of the reasons for the increase is that customs tax on imported milk powder has increase 5.8 percent since March.
Garlic and green onion prices have also increased last March, with the average price for garlic currently 5 yuan per kilo, having increased by 66 percent following the Spring Festival. This sudden price increase in onions and garlic will lead to a round of price increases in other agricultural products by mid April.