Soy sauce is an essential ingredient in most Chinese dishes. It is the country’s most consumed condiment, with annual production of about 5m tonnes. Foshan Haitian Flavouring is the biggest maker of soy sauce. Its decision to raise prices will affect millions of households. Consumer inflationary pressure has hit the kitchen table.
The $72bn company says retail prices of its products will go up 7 per cent to make the business more sustainable. Raw material costs are rising. Chinese coal prices are at a record high.
Earlier this year, consumer prices appeared more sustainable. In August, food prices in China dropped 4 per cent on the previous year. However, this was mostly due to a 45 per cent drop in pork prices amid oversupply.
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