China puts price cap on cooking oil

China has begun implementing policies to restrain food producers from raising cooking oil prices, the Wall Street Journal reported, quoting an industry official with knowledge of the matter. The price cap on cooking oil is part of efforts to curb a spike in prices and ensure supply for the public. The move also reflects a reintroduction of price caps on basic necessities, although it is a narrower version of a controversial year-long policy which took effect in January 2008. The price cap is the latest in a series of policies to clamp down on food price increases, which saw cooking oil prices jump 13% in October. The policy has not put producers at a price disadvantage so far, and the measure is not expected to last beyond the Lunar New Year in early February.