Thailand’s Commerce Ministry is closely monitoring prices of 18 categories amid rising production costs, adjusted minimum wage, and increased transport costs.
People shop at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) – Thailand’s Commerce Ministry is closely monitoring prices of 18 categories amid rising production costs, adjusted minimum wage, and increased transport costs.
Wattanasak Sur-iam, director-general of the Internal Trade Department, said the 18 groups consist of instant noodles, fresh Food, canned food, bagged rice, seasoning sauce, vegetable oil, carbonated drinks, milk and dairy products, electrical appliances, laundry products, fertilisers, insecticides, pet food, iron, cement, paper, medicine and medical services, and services through retail and wholesale channels.
The ministry is still asking for cooperation from the private sector to help maintain their product prices, in alignment with ministry policy, he said.
According to him, the department is keeping a close watch on prices, especially for animal feed raw materials such as soybeans and wheat, whose prices remain high, as well as tapioca production, which is likely to decrease because of anticipated drought.
"If prices of those products rise significantly, it will affect the livestock business," he said as quoted by Bangkok Post. Wattanasak added that the department is also observing the wage uptick and freight rates following the Red Sea crisis.
According to Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, Thailand’s inflation rate for this year is projected at -0.3 to 1.7%, with an average of 0.7%. The inflation rate was 1.23% in 2023./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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People shop at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA) 
