Yingluck: Product prices on downward trend

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BANGKOK, 5 May 2012  – Prime Minister Yingluck Shinawatra has asked the public to remain confident in the government’s effort to bring prices of consumer goods down thanks to signs that prices at upstream areas are on a downward trend. 

In the government weekly talk show, Yingluck admitted that product prices in midstream and downstream areas were still high as operation costs had not gone down in accordance with the drop in raw material costs. However, the premier affirmed that all related agencies were working hard to keep the prices affordable.

Chairman of the Thai Chamber of Commerce Olarn Chaipravat who joined this Saturday talk show disclosed that weather and global oil prices had strong influence on the economic growth. Unfavorable weather and high oil prices may push the inflation rate up to five percent. If the two factors are favorable to the country, the inflation rate could lower to two percent.

Meanwhile, Commerce Minister Boonsong Teriyapirom also confirmed that the Commerce Ministry did carry out inspection of markets. The survey has shown that fresh food prices are declining.

The Commerce Ministry has targeted the inflation rate at 3.8 percent this year.