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Thai commerce department seeks 6-mo extension of price freeze
Publication Date : 03-05-2014
The Commerce Ministry of Thailand will ask consumer goods manufacturers to freeze prices for another six months to ensure low cost of living.
Santichai Santawanpas, deputy director-general of the Internal Trade Department, said that caretaker Commerce Minister Niwatthumrong Boonsongpaisan agreed with the plan to freeze prices until October.
However, Santichai said if any producers faced higher production costs, they could submit a plan and the cost structure of goods to the department by May 6 and the department would consider whether to allow a price increase.
The price-freeze measures have been imposed for more than three years. The ministry has closely tracked 200 goods in its price monitor and control lists.
Santichai said the ministry had to keep the price freeze due to boost consumer spending which had remained low due to the political uncertainty in the country and the slow recovery of the economy.
He said manufacturers that could handle the cost of production should cooperate and keep prices unchanged.
The ministry had also sent letters to modern traders and retailers, instructing them to inform the department if they would notice increases in prices.
Santichai said that measures to keep prices unchanged should lessen the burden of the consumers.