Milk Powder Prices Remains Unchanged Over the Weekend
Due to an investigation of the country’s antitrust, prices of imported milk powder remains unchanged at city supermarkets over the weekend even with companies promising to lower their prices. Major supermarkets such as Vanguard and Carrefour said that they didn’t receive any notices on price adjustments from imported milk companies.
Wyeth and Dumex have launched several promotions in efforts to attract buyers, but prices for their milk have not been adjusted. A manager of a local supermarket said that they know that these companies were planning to lower milk prices but they are still to receive any notice and schedule for the adjustments. A finance expert said that this delay is usually normal since after the company announces any prices changes it takes about two weeks for any retailers to lower their prices. And as of the moment the country is investigating major sellers on the possible price manipulation and breach of the Chinese Anti- Trust Law.
The investigation was launched by the National Development and Reform Commission will investigate the pricing of the infant formula sold by major milk suppliers. And responding to the investigation, Wyeth has promised to lower its milk prices by 11 percent while Dumex will be lowering their prices over the weekend.