Price controls are the focus of Yingluck Shinawatra’s Government measures drawn up in light of slowing global growth, which has led to a decline in domestic consumption and investment.
The Prime Minister wanted a constructive long-term solution to address product prices from “upstream to downstream”. These moves would strike a balance for sellers and buyers, at a time when consumers are tightening their belts as global economy slows.
Initial measures approved were:
1. Agriculture Ministry assigned to find ways to lower the cost of fertilizer and feed meal;
2. Commerce and Agriculture ministries to consider setting up regional distribution centers;
3. Agriculture Ministry to come up with efficient zoning strategies;
4. Ministries of Commerce, Finance and Agriculture to promote competition;
5. Energy Ministry to restructure energy prices for higher energy efficiency;
6. Finance Ministry, Bank of Thailand and the National Economic and Social Development Board to closely monitor domestic consumption and investment.
The Treasury Department was also assigned to provide space for distribution of “price-controlled” products.