China has asked manufacturers to postpone price increases for cooking oil, the latest in a string of essential household products the government is targeting in an effort to calm inflation expectations, the Wall Street Journal reported. Cooking oil manufacturers including COFCO (China Agri-Industries Holdings, 0606.HK; China Foods, 0506.HK), Chinatext Corp and Yihai Kerry, owned by Singaporean agribusiness group Wilmar International (F34.SGX, SGT.ASX), have agreed to extend a price cap that the government first imposed last November. Beijing previously dissuaded flour producers, snack food makers including Tingyi (9322.HK) and Want Want (0151.HK), and soap manufacturers like Unilever (UL.NYSE, ULVR.LSE, UNA.AMS) from raising prices. The government is trying to work with the affected companies to help them tide over a period of rising costs, said a spokesperson for Wilmar International. China is expected to announce on Friday that inflation climbed further in March after reaching a two-year high in February.
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