China fines Unilever in inflation crackdown

Saturday, 7 May 2011 00:00 - - {{hitsCtrl.values.hits}}

BEIJING: China’s government says it has fined consumer products maker Unilever for talking to Chinese media about possible price hikes while authorities are trying to rein in surging inflation.

The Cabinet’s planning agency said Friday the British-Dutch company was fined after Chinese news reports about comments by its managers about the price of hygiene products prompted a buying rush in some cities.

The agency said Unilever was fined 2 million yuan ($308,000).

The government has told food processors and other companies to hold down prices as it tries to cool inflation that rose to 5.4 percent in March.

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