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Food prices in Thailand expected to fall in 2014

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Food prices expected to fall in 2014

Petchanet Pratruangkrai
The Nation

BANGKOK: -- Most consumer goods and foods will be cheaper next year following a drop in the prices of crops and raw materials in the world market, according to the Internal Trade Department.

Director-general Somchart Soithong said last week that although the government's freeze on prices of commodities would end this year, it was not a great concern, as prices of raw materials have continued to decline till now.

According to the department's survey, prices of ingredients such as palm oil, fruits and vegetables, and meat have fallen because supply is plentiful, he said.

The prices of steel, tin plate, chromium, copper and petrochemicals have also eased in the global market, so many products made from those materials should see lower prices in the near future.

A shampoo producer will lower its retail price soon, while a soybean sauce producer

has asked for a price increase. However, the department has asked for the company's cooperation to hold off for a while.

The department is studying the cost structure for soy sauce to decide whether to allow a price hike next year.

Also, to ensure that price changes will be based on fair practice, the department is rechecking and studying the cost structure for 205 foods and consumer goods.

With many factors changing, the department needs to update its information on the costs of raw materials and manufacturing so that it could calculate fair and reasonable profits for producers.

Currently 205 goods including foods, essential products, electric appliances and farm equipment are under scrutiny.

Some of the 43 products on the price control list might be changed, as some products have become necessities for daily living.

To curb the cost of living, the department also plans to increase the number of street food vendors from the current 6,000 that are cooperating with the Commerce Ministry's Blue flag project to sell cheap dishes for consumers, he added.

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-- The Nation 2013-11-04

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I will believe it when I see it wink.png

DITO !!!!!!! They must have amazing crystal Balls to come up with this stuff .....

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BANGKOK: -- Most consumer goods and foods will be cheaper next year following a drop in the prices of crops and raw materials in the world market, according to the Internal Trade Department.

Wow that means even more losses on the rice scam. Isnt is ironic that Director-general Somchart Soithong of the Internal Trade Department is trying to keep cost to a minimum while Deputy Prime Minister Kittiratt Na-Ranong and Minister of Finance use government subsidies to inflate the prices. Seem one hand of the government is working against the other.

"Consumers will ultimately foot the bill for the government's ricepledging scheme, paying at least 50 satang more per rice dish to cover subsidies amounting to several billion baht.

After a meeting of the National Rice Policy Committee yesterday, Deputy Prime Minister and Commerce Minister Kittiratt NaRanong said Thais would have to pay more for rice dishes to shore up prices for farmers. "It's not that we aren't worried about consumers, but highpurchasing groups should spend more money," Kittiratt said" http://www.nationmultimedia.com/2011/09/10/national/Kittiratt-urges-consumers-to-reach-into-pockets-fo-30164955.html

"Thailand’s decision to expand subsidies for rice and rubber farmers to quell protests is undermining efforts to control rising debt, even as governments in neighboring Malaysia and Indonesia cut back support programs. The government will pay 21.2 billion baht ($681 million) directly to rubber farmers’ bank accounts to offset falling prices, up from 10 billion baht agreed on earlier"

Edited by waza

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October inflation rises 1.46%

BANGKOK, 2 November 2013 (NNT) – The country’s inflation rate rose 1.46 percent in October, while it increased 2.27 percent in the first 10 months.

The Commerce Ministry has revealed that the inflation rate in October rose as high as 1.46 percent due to the higher prices of food, especially rice, flour products, meat, eggs, milk, fruit, and vegetables.

The country’s inflation in the first 10 months, according to the Ministry of Commerce, increased at the percentage of 2.27, thanks to the increasing prices of food and beverages.

The ministry further forecast that Thailand’s inflation at the end of 2013 will be in a range of 2.1-2.6 percent, adding that the number is not too low and is in line with the country’s economy.

Especially rice, flour products, meat, eggs, milk, fruit and vegetables. All locally produced.

Why would the price of rice be up when the world price continues to drop and there is millions of tons in storage?

What makes the minister think this will not continue, price of fuel is up and rising, price of cooking gas is up and rising, talk of a VAT increase.

Possibly overoptimistic could be an understatement.

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the answer to how can we make food prices fall in 2014?

answer increase the no.of street food vendors.

thats one for university challenge.

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But not rice, over the years the prices for utilities have risen

at not too bad a rate,BUT the price of food stuffs has increased

dramatically, they go up and NEVER come down.

regards Worgeordie

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What a load of b****x! All sounds dandy 'n that, but that everything is up here is not entirely down to the rest of the world. It is, was, inevitable and has been stage-managed!

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Some of the 43 products on the price control list might be changed, as some products have become necessities for daily living.

Does this include alcohol?

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the answer to how can we make food prices fall in 2014?

answer increase the no.of street food vendors.

thats one for university challenge.

Increase the number of street vendors? To what? From 4 million to 5 million?

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...and the effect of 300 Baht daily wage and fuel inflation, shareholder PE?

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