(04-03-2008)

Customers buy milk at a supermarket in Ha Noi. Milk prices began climbing dramatically last week. — VNA/VNS Photo Tran Viet

HCM CITY — Major wholesalers increased the retail price of powdered milk from 4 to nearly 7 per cent last Saturday.

However, many small shopkeepers jumped the gun and raised prices by 10 per cent.

The official retail price for more than 30 kinds of milk made by Mead Johnson rose from 5 to 6 per cent.

Abbott, Dumex and Nestle also increased the price of their products. About 30 of Abbott products leapt from about 4 per cent to 6.9 per cent at supermarkets.

Best selling products, such as Similac, Gain Advance and Pediasure underwent the biggest increases.

When news of the price hikes spread, many long queues formed at supermarkets and other outlets around the city. Customers bought at least two cans of powdered milk, but supplies eventually ran out.

A week ago, the price of 900grams of Pediasure cost VND285,000 (US$17). This has now increased to VND295,000.

According to one customer, Ngoc Minh, a shop selling milk powder in Phu Nhuan District increased the prices of milk made by Mead Johnson, Dumex and Nestle by VND8,000 to VND25,000 a can.

Nguyen Muoi, a shop owner at Nguyen Thong market, confirmed that many small shopkeers had put up prices a week ago when news of the pending rises leaked out. — VNS

Source: http://vietnamnews.vnagency.com.vn