Unilever, Master Kong put off price hikes

By Yan Pei
0 CommentsPrint E-mail China.org.cn, April 2, 2011
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Consumer products giant Unilever and instant noodle maker Master Kong both announced they had decided to postpone their previous price increase plans, Caijing.com reported Thursday.

Master Kong announced on Wednesday that it would delay the price hike on bow noodles that would originally go into effect on April 1. The move was made to act in coordination with the government's efforts to stablize commodity prices, the noodle maker said.

Master Kong previously planned to increase the prices of most bow noodle products by 0.5 yuan per unit. Sales of bow noodles account for 30 percent of the company's total instant noodle sales.

A day later on April 1, Unilever announced to put off its April 1 price hike either, in compliance with a request from the National Reform and Development Commission (NDRC). The company also appologized for the wave of panic buying triggered by its price hike plan.

Recent reports said Unilever, Procter & Gamble (P&G), Guangzhou Liby and Nice Group were planning to raise prices by five to fifteen percent.

The NDRC has sent out inspection teams to Chinese consumer product manufaturers to investigate their product increase plans.

Officials with NDRC said Thursday that they hadn't found any proof for collusion conducts among these manufacturers.

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