Yihai Kerry, parent company of the Chinese edible oil maker Jin Long Yu, has confirmed that the company plans to formally increase the prices of some edible oil products by about 5%.

Statistics released by Beijing Statistics Bureau show that retail sales in the Chinese capital increased by 15.1% year-on-year to CNY96.77 billion in the first two months of 2010.

COFCO, one of China's biggest agricultural trading and processing companies, has signed an overall strategic cooperative agreement with the Japanese trading company Itochu on the global purchase of grain and oil products.

To control the price increases in China, the National Development and Reform Commission says it will take temporary measures to limit the prices of goods like grain, oil, meat, eggs and milk.