Chinese food prices, for a basket of 18 key vegetables, rose by 62.4% year-over-year in the first 10 days of November according to Xinhua.
The government is scrambling to prevent a repeat of such inflation into next year, and stricter price controls plus more accountability at the city level are on the way:
Possible steps include price controls, subsidies for shoppers, a crackdown on hoarding and price gouging as well as a system whereby mayors are made responsible for a basket of food items, the China Securities Journal reported.
Those found speculating on corn or cotton will also be punished severely, it added.
“Price increases, particularly overly rapid food price increases, are the main economic problem faced by the country at present,” the report cited an unnamed source as saying.
“The policies that are being considered aim to contain the momentum and will be delivered in combination as a one-two punch,” it added.