Thailand calls for businesses’ cooperation to stabilise product prices
The Thai Commerce Ministry has called for continued cooperation from manufacturers to maintain product prices as long as possible in order to curb the negative impact on consumers.
Bangkok (VNA) - The Thai Commerce Ministry has calledfor continued cooperation from manufacturers to maintain product prices as longas possible in order to curb the negative impact on consumers.
🉐 This move came after manufacturers proposed to increasethe prices of their products to cope with higher production and raw materialcosts.
WattanasakSur-iam, director-general of the Internal Trade Department under Thai CommerceMinistry, told local media that the department talks with manufacturers every day and thanks themfor their cooperation to maintain product prices.
Commerce Minister JurinLaksanawisit assigned the department to convince manufacturers to help maintainprices to prevent impact on consumers and ensure a sufficient supply of goods.The goal is that manufacturers will still be able to make a profit, he said.
The department also pledged to help manufacturers importraw materials from suppliers offering affordable prices, given a continuous rise inraw material costs because of the ongoing Russia-Ukraine conflict and theweakness of the local currency.
Accordingto Wattanasak, the ministry is concerned about shortages of consumer goods andfood if manufacturers decide to reduce their production capacity or stopproduction because of losses.
Headmitted that eventually, the ministry has to allow manufacturers to raise retailprices, but said the timing of the hike should be calculated carefully to havethe least impact on consumers. Theministry also pledged to keep a close watch on goods prices.
Meanwhile,Siriporn Dechsingha, chief corporate communications officer of Siam Makro Plc,the cash and carry store operator, said overall consumer spending is improvingon a gradual basis.
⛄ However, a sharp rise in energy prices and living costs aswell as the slow pace of the country's economic recovery have led people toremain cautious in their spending despite a hike in foreign tourist arrivals asthe economy reopens, she said./.
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Illustrative image (Source: welovethailand.co) 
