BANGKOK, 13 May 2012– A United Nations agency has estimated that food prices in Thailand will skyrocket by 5% this year as a result of the country’s populist policy and natural disaster.
The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has indicated that the rising food prices, which Thailand and other Asia-Pacific countries are currently facing, have impacted the weaker groups of the regional population and may eventually bring about a severe social problem in the long run.
The soaring food prices, which have been a recurring problem since the second half of 2010, have caused over 19.4 million people in the Asia Pacific region to face famine.
The UNESCAP has cited a preliminary estimate as showing that Thailand will face a 5% increase in its domestic food price in 2012. This is due to the government’s populist policy aimed at increasing the people’s income combined with the uncontrollable natural disaster.
In order to handle the increasing food prices in the long run, the UNESCAP has suggested that Thailand increase its agricultural production by promoting technology development while also reforming its agricultural environment with a variety of modern knowledge. Additionally, the UNESCAP has also advised that farmers be provided financial assistance in the acquisition of fertilizers and seeds.