Members of the China branch of the International Ramen Association (IRMA) have been found to have colluded on prices following an investigation by the National Development and Reform Commission (NDRC), Xinhua reported (in Chinese). IRMA has hed three meetings since the end of last year to discuss, plan and coordinate the schedule and range of the price rise. In July, IRMA, also known as the Instant Noodle Association, announced a series of dramatic price increases, contributing to the recent food-price-driven inflation that reached 5.6% in July, a 10-year high. Price collusion violates price law and related regulations, said an NDRC spokesman.
You must log in to post a comment.