Edible oil price hike in the offing

Edible oil prices are set to go up in China following the surge in the prices of imported soybean from the US, reflecting how domestic prices are dependent on external factors.

Most of the major edible oil processing companies have announced plans to raise the prices, according to media reports. Yihai Kerry Group, the country's largest edible oil processing company, will increase the price of its products, including the leading brand Arawana, by 10 percent, according to the Beijing News.

People with the company were quoted as saying that the company is under growing pressure as raw material prices have gone up by over 10 percent in the recent weeks.