More commodities will become cheaper this week

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BANGKOK, 13 January 2015 – The Ministry of Commerce is expecting more commodities to become cheaper this week.

According to Commerce Minister General Chatchai Sarikalaya, prices of products are not always solely determined by the fluctuation of oil prices. He said product price structures would be revealed later this week following an investigation.

However, he assured that some of the items would definitely become cheaper especially motor oil and those that are driven by gas prices.

President of the Thai Chamber of Commerce Issara Wongkusolakit, meanwhile, said the private sector is willing to lower the prices of commodities in line with the market trend.

He also said that the move by the government to increase value added tax (VAT) to 8-10%, up from the present 7%) would only deter consumer spending, citing the slow economy as a reason for the government not to raise the tax at this time.