Kittirat expects product price decline in line with cheaper transports

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BANGKOK, 31 August 2011 – Deputy Prime Minister and Commerce Minister Kittirat Na Ranong has projected that prices of products will start declining on account of lower transport costs while this year’s inflation is forecast at 4.1 percent. 

In the wake of the Government’s slash on oil prices, Mr Kittirat indicated that a number of entrepreneurs, especially producers of consumer goods and agricultural products, had expressed their willingness to lower their prices due to more affordable transportation. It is expected to be known soon how much cheaper the products will be.

Based on the Minister’s projection, the inflation rate for this year will hover at 4.1 percent, which is still higher than the Commerce Ministry’s target of 3.2-3.7 percent. However, the figure is believed to continue on the decline upon the Government’s release of various cost-of-living measures.

On the Commerce Ministry’s part, Mr Kittirat stated that the Blue Flag program would be pushed forward in a bid to help bring down people’s living expenses.