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| Product Prices Likely to Escalate Due to Expected Inflationary Rise |
| UPDATE : 2 June 2008 |
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In light of high inflationary pressure in the country, prices of several products in the local market may go further up this week.
And, the Commerce Minister has already planned to invite manufacturers from the steel, fertilizer, animal feed and construction materials sectors to a meeting on the direction of their prices.
The meeting is expected this week.
Internal Trade Department Director-General Yanyong Phuangrach said that all four sectors are now suffering surging costs from their imports of materials and are now asking for the ministry’s approval for a price rise.
He said that the planned meetings would be conducted individually, with all related parties, including academics and related government offices, to join and help find the most suitable solutions for each product group.
Yanyong maintained that a price increase is not always an answer to the problem, but if it is inevitable, the effects on related industries or consumers must be taken into consideration before an adjustment is granted.
Meanwhile, the ministry is scheduled to release the May inflation data this afternoon, amidst expectations that Thailand’s Consumer Price Index would exceed the five per cent seen last month because of skyrocketing oil prices.
The Thai CPI hit its two-year high in April when the index was at 6.2 per cent.
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