Participatory sensing systems are designed to enable community people to collect, analyze, and share information for their mutual benefit in a cost-effective way. The apparently insensitive information transmitted in plaintext through the inexpensive infrastructure can be used by an eavesdrop-per to infer some sensitive information and threaten the privacy of the partic-ipating users. Participation of users cannot be ensured without assuring the privacy of the participants. Existing techniques add some uncertainty to the actual observation to achieve anonymity which, however, diminishes data quality/utility to an unacceptable extent. The subset-coding based anonymiza-tion technique, DGAS [LCN 16] provides the desired level of privacy. In this research, our objective is to overcome this limitation and design a scheme with broader applicability. We have developed a computationally efficient sub-set-coding scheme and also present a multi-dimensional anonymization tech-nique that anonymizes multiple properties of user observation, e.g. both loca-tion and product association of an observer in the context of consumer price sharing application. To the best of our knowledge, it is the first work which supports multi-dimensional anonymization in PSS. This paper also presents an in-depth analysis of adversary threats considering collusion of adversaries and different report interception patterns. Theoretical analysis, comprehensive simulation, and Android prototype based experiments are carried out to estab-lish the applicability of the proposed scheme. Also, the adversary capability is simulated to prove our scheme’s effectiveness against privacy risk.