Thailand calls for businesses’ cooperation to stabilise product prices

Illustrative image (Source: welovethailand.co)

Bangkok - 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.

This move came after manufacturers proposed to increase the prices of their products to cope with higher production and raw material costs.

Wattanasak Sur-iam, director-general of the Internal Trade Department under Thai Commerce Ministry, told local media that the department talks with manufacturers every day and thanks them for their cooperation to maintain product prices.

Commerce Minister Jurin Laksanawisit assigned the department to convince manufacturers to help maintain prices 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 import raw materials from suppliers offering affordable prices, given a continuous rise in raw material costs because of the ongoing Russia-Ukraine conflict and the weakness of the local currency.

According to Wattanasak, the ministry is concerned about shortages of consumer goods and food if manufacturers decide to reduce their production capacity or stop production because of losses.

He admitted that eventually, the ministry has to allow manufacturers to raise retail prices, but said the timing of the hike should be calculated carefully to have the least impact on consumers. The ministry 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 improving on a gradual basis.

However, a sharp rise in energy prices and living costs as well as the slow pace of the country's economic recovery have led people to remain cautious in their spending despite a hike in foreign tourist arrivals as the economy reopens, she said.