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Updated Tuesday, December 2, 2008 10:25 am TWN, AFP

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China scraps price controls on grain, dairy, oil, others

BEIJING -- China’s top economic planning agency Monday removed price controls on grain and other food products that were imposed early this year when inflation was a bigger concern. Caps on the prices of grain, edible oil, meat, dairy products and eggs were lifted with immediate effect, the National Development and Reform Commission said on its website.

Requirements on enterprises to submit price-raising schemes for government approval were also eliminated to “allow business operators to set the prices on their own,” according to the statement.

Beijing imposed strict price controls on a range of energy products, foods and other key commodities in January amid concern about inflation that at the time seemed dangerously close to spiralling out of control. China’s inflation rate hit a near 12-year high of 8.7 percent in February, but has been weakening since then.

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