China's National Development and Reform Commission has announced that it will directly intervene to dampen down inflationary pressures on domestic food and fuel prices, Interfax reports. Price increases for grain products, edible oil, pork, beef, mutton, milk, eggs and LPG will all be monitored and subject to possible intervention by the NDRC.
Producers for these listed products must seek permission from the NDRC
10 days before raising their prices. In addition, retailers and
wholesalers must inform the NDRC within 24 hours following any increase
in food and fuel prices.
The NDRC's new stand on food and fuel price curbs follows last
November's rise in inflation, which officially stands at 6.9 per cent -
which is higher than the government had predicted, although though
some analysts claim the actual figure could be much higher.
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