China's cooks face yet another increase in their grocery bills as supermarkets prepare to raise the price of one of their favorite ingredients – cooking oil.

 The price of almost all cooking oil brands will soon be raised, an employee of the Beijing branch of Auchan China told EO on Monday.

 China’s largest peanut oil maker, Luhua, blames the increase on the recent surge in nut prices.

 State-owned giant China Oil and Food Corporation also says it needs to pass on to consumers the higher prices that it now pays more for farmers for their peanuts and colleseed.

 The government last year placed restrictions on the price of food oil. These are set to expire in mid-August, but the EO’s research indicates that retailers are already charging more for most of the oils that they stock.

 Chinese consumer prices rose by 6.4% in the twelve months up to the end of June, lifted by food price inflation of 14.4%. 

Links and Sources

The Economic Observer

Google Translation

National Bureau of Statistics - official statement