BANGKOK, Jan 14 – The Commerce Ministry will present to the cabinet tomorrow a package of measures to control commodity prices in the wake of the nationwide minimum wage increase from Jan 1.
The ministry predicted that prices of most commodities will remain unchanged this year thanks to the stable prices of raw materials for production. Crude oil will be around US$100-120 per barrel and Thailand’s baht currency will be slightly stronger at Bt28.50-32.50 per US dollar.
The ministry is optimistic that the government will unveil a series of measures to alleviate the people’s cost of living burden despite the fact that commodity prices will have a psychological impact on wholesalers and retailers who may resort to price increase.
Commerce Ministry officials will keep a close watch on the price movement of commodities in the market and deal harshly with profiteering.
According to the ministry, the Bt300 minimum wage will increase smaller industries’ production cost by 2-6 per cent while major industries which manufacture consumer goods, including vegetable oil, soap, detergent, cement and steel rod, will not feel the pinch. The Bt300 daily minimum wage has been enforced in Bangkok and other major cities since April 1 last year.
