In midst of price inflation, Thailand to freeze prices on dozens of products

In the midst of the world’s overwhelming price inflation, Thailand plans to freeze the prices of 46 items. The items are grouped into 9 categories, which are: paper and paper products, transport-related products, farm-related products, petroleum products, medicines, construction materials, “important” farm products, consumer products and food.

The items include bicycle and car tires, motorcycles and trucks, water pumps, fertiliser, chicken, chicken eggs, and durian, just to name a few. Commerce Minister Jurin Laksanawisit said yesterday that he had instructed governors and commerce officials in all provinces to monitor prices of goods, to prevent traders from hiking the prices of controlled products.

Thailand’s Central Committee on the Price of Goods and Services will keep the prices on the 46 products frozen until the end of June next year, according to Jurin.

Jurin also noted that the price of instant noodles will not rise, even though the cost of wheat, its main ingredient, has jumped due to the Ukraine crisis. He also dismissed reports that there is a shortage of canned fish and vegetable oil, saying there is sufficient supply to meet domestic demand.

Jurin added that a panel has been set up to monitor bottled vegetable and palm oil. This news comes after the price of bottled palm oil skyrocketed to 70-76 baht in some markets last month, according to a survey by Thai PBS. The survey said that in department stores, the price was 68 baht per litre or lower.

Earlier this week, Jurin said the Commerce Ministry would work hard to keep goods as affordable as possible, and that the ministry believed it had created a “win-win” strategy in which consumers, businesses, manufacturers, and farmers can all benefit.

SOURCE: Thai PBS World