Commerce Ministry confident wage hike will not raise consumer prices

BANGKOK, Jan 20 (TNA) -- Boonyarit Kalayanamit, Director-General of the Department of Internal Trade with the Ministry of Commerce stated that the department estimates that the government's planned 5-22 baht wage hike will at most, have a 1% impact on consumer goods overheads and suppliers have no need to increase prices. Mr Boonyarit said the Department of internal Trade will invite suppliers, retailers and wholesalers meet with them on January 24 to discuss the impact of wage hikes on their production overheads. All parties will be given to opportunity to present any increase in production costs as a result of the wage hikes to the department after which officials will be sent to verify their claims. Department of Internal Trade guidelines specify that a formal request must be filed by all suppliers prior to making any price adjustments. (END)