Lower food prices to bring extra New year cheer

As a gesture towards the upcoming New Year's celebrations, consumers will find their living costs lower as manufacturers of 29 products and food courts have agreed to cut

their retail prices starting this month.

 The move was to reflect their real product costs in line with declining oil prices and to ensure consumer fair trade practices.

 "Producers of 29 product items have already reduced their retail prices in line with their lower production costs.

" Food courts in department stores will be the next sector to cut their prices by Bt5 per menu soon," said Yanyong Phuangrach, director-general to the Internal Trade Department.

Some manufacturers, including those of fertiliser and cooking palm oil, milk and dairy products, seasoning, instant noodles, and rice packs have already reduced their prices.

The price of a 5 kilogramme bag of jasmine rice has dropped from Bt222 per pack in the middle of this year to Bt197 per pack now; a 700 cc pack of powdered detergent from Bt59.50 to Bt56.75; UHT milk in 6 carton packs from Bt58 to Bt56.50 per pack; and a 1 litre bottle of cooking palm oil from Bt47.50 to Bt38 per bottle.

Yanyong said the ministry will closely monitor retail prices at the supermarket and retail stores during the upcoming festive season to ensure consumers are fairly treated by producers during the shopping rush. In addition, the ministry yesterday met with Central Retail Pattana, to persuade the mall to reduce processed food prices at the food court to help reduce costs for consumers. Central Retail Pattana's food court enterprises have agreed to bring down their price by Bt5 per dish from about Bt30-Bt40 to Bt25-Bt35 per dish.

The company is also considering opening its 'Blue Corner', selling low price cooking food at Bt25 per dish for the upcoming New Year season.

Yanyong said the government will continue setting up cheap price fairs around the country to help low income people and as a measure to reduce inflation.

So far, the ministry has 6,000 low price shops and kiosks nationwide.

Thailand's inflation was 5.9 per cent in the first 11 months of the year.

The ministry expects inflation to be at 2.5-3 per cent next year, due to lower oil and agricultural goods prices.