Pork prices aren’t the only costs rising. Prices for chicken prices, eggs, public boat fees, and toll fees are also increasing and Deputy PM Supattanapong Punmeechaow is now encouraging Thais to stay positive with the price hikes and is saying that it is temporary. He says the price increases are normal due to the law of supply and demand.
In an interview with Thai media, the deputy PM said the government is working on solutions to the price increases. The Thai cabinet consulted with the Bank of Thailand about controlling the inflation situation in Thailand. According to the information from the office of the National Economic and Social Development Council and other relevant institutions, Thailand is expected to have an inflation rate of 1% to 3%. The deputy PM noted that in comparison, the annual inflation rate in the US went up to 7%. He continued saying that the state is trying to control the price as much as possible, but it also depends on the market mechanism.
Supattanapong also urged the public to focus on the big picture together with the world economic situation, not only focus on the Thai situation. Many businesses and investments all over the world stopped due to Covid-19 making a production volume to be decreased. This situation is seen as short-term which will get better after the spread is under control.