Commerce Ministry promise to keep consumer products under control during high inflation

The Commerce Ministry says it will work hard to keep consumer goods as affordable as possible without neglecting the demands of manufacturers. The ministry believes it has created a “win-win” strategy in which consumers, businesses, manufacturers, and farmers can all benefit, according to commerce minister, Jurin Laksanawisit.

“If manufacturers suffer huge losses, they will stop producing. We ask for cooperation in fixing prices. If they are unable to fix the price, they are told to raise prices by a minimum rate. For now, none are allowed to increase prices. The ministry will try to take the best care of everyone.”

The ministry has been able to stabilise pricing in a few categories. Last month, the prices of a few products decreased. This includes a 5 kilogram bag of white rice that saw a 22% drop, while jasmine rice saw a drop of 22%. Other products with lower price tags included fish sauce, oyster sauce, and canned tuna. Construction materials and cement also saw a 5% drop.

“If capital costs are actually high and going higher, (the ministry) will look for a balance between fixing prices for as long as possible and avoiding a shortage of products.”

With increasing manufacturer demand, the ministry has refused to allow any instant noodle manufacturers to increase retail prices. Jurin promised to keep prices stable for as long as possible to avoid any negative consequences for consumers.

SOURCE: Bangkok Post