Foshan Haitian Flavouring and Food Co., the largest soy sauce maker in China by sales, is increasing retail prices of its products due to rising production costs.
According to a filing that the company submitted to the Shanghai Stock Exchange, the firm is set to up its prices by as much as 7% by the end of October. Among the reasons given for the price increases were higher costs of materials, transport and energy.
The firm said that the price rise aims to make its operations “more sustainable” amid rising inflation.
This news comes as Kantar’s latest retail market share report found that like-for-like grocery prices rose by 1.7% in the four weeks starting from 12th September, compared with last year. The survey also noted that the average UK household spent an extra £5.94 on groceries last month than they did at the same time last year.
The latest report from the Office for National Statistics (ONS) found that the UK rate of inflation was around 3% in August 2021.