Kweichow Moutai, China's largest liquor maker by market value, has dismissed rumors of a price hike. There has been speculation that the liquor maker plans to raise the price of one of its products by 12.5 percent, or 60 yuan, on January 1.

The company will not make its customers spend more, a Moutai manager said by telephone on Saturday.

On the same day, Tang Qiao, chairman of Moutai's domestic rival Wuliangye Yibin, said Wuliangye will not be the first to raise prices.

On December 11, the National Bureau of Statistics (NBS) said China's consumer price index rose 5.1 percent year-on-year in November, reaching a 28 month high.

China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.