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The Russia-Ukraine war would indirectly cause the prices of agricultural products and other goods to rise, Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said on Tuesday.

Speaking to reporters before attending the weekly Cabinet meeting, he said the ongoing war in Ukraine had led to sharp increases in the prices of oil and other raw materials, which would affect the production costs of both farmers and goods manufacturers.

“Oil is a major cost component in the manufacturing and services of every nation and Thailand cannot avoid the fallout,” Jurin said.

He explained that Ukraine is a major wheat exporter and wheat is a major ingredient for making animal feed. The rising price of wheat had pushed up the price of animal feed, which would eventually affect the prices of meat.

He added that since Russia is a major exporter of oil and steel, which are major cost factors in transportation and construction, the war had affected manufacturing costs worldwide.

Jurin said the Commerce Ministry has been trying to strike a balance between conflicting demands of three groups – farmers, manufacturers and consumers.

“Manufacturers want prices of agricultural products to be low so that their cost of production will be low, farmers want high prices for their output, while consumers want to buy cheap goods,” Jurin explained.

He said the Commerce Ministry has to coordinate with other ministries to reach a perfect balance of prices.

He added that the Commerce Ministry would consider approving price increases on a case-by-case basis by taking several factors into account.

Published : March 15, 2022

By : THE NATION