Entrepreneurs asked to pin product prices again

BANGKOK, 11 February 2010 (NNT) Commerce Minister Pornthiva Nakasai has once again asked entrepreneurs and distributors to pin prices of all products until March 2010 to alleviate the rising cost of living and reduce effects to inflation.

The minister on Thursday convened a meeting with department stores, convenience stores, producers, distributors, and related associations and sought their cooperation to pin prices of products until at least March 2010. Speaking after the meeting, she said entrepreneurs were cooperative as consumer purchasing power would be affected if prices of the goods soared.

Ms Pornthiva added that the prices would be regulated on a trimester basis. As for the second quarter, she said entrepreneurs would still not be allowed to rise prices of products if production cost did not increase.

Department stores are also requested to help distribute agricultural goods to help lower price problems.

Ms Pornthiva said the ministry did not forbid entrepreneurs to increase the price of goods, but any price raise must be approved in advance. She explained that the ministry would stick with three main criteria in consideration, including, reasonable prices, fairness for consumers and entrepreneurs, as well as a gradual increase in price.