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Cabinet to outline steps to tackle inflation next week

"We are against the idea of raising prices all the time and making everybody's cost of living soar while paychecks are not getting fatter."

Cheng Jen-hung, Consumers' Foundation chairman

The Executive Yuan will announce measures next week to tackle soaring consumer product prices, Cabinet Spokesman Shieh Jhy-wey (謝志偉) said yesterday after Consumers' Foundation chairman Cheng Jen-hung (程仁宏) visited the Executive Yuan.

Cheng asked the Cabinet to review state-run CPC Corp, Taiwan's (CPC) floating price mechanism because of the recent rise in prices for all sorts of goods.

"We are not against the idea of changing prices every week, but we are against the idea of raising prices all the time and making everyone's cost of living soar while paychecks are not getting fatter," Cheng said.

Shieh said the Cabinet has no plans now to adjust its oil floating pricing system, but it would assess all feasible proposals.

"We value the Consumers' Foundation's voice because it also represents the public," Shieh said. "We will see what we can do and map out official response and supplimentary measures sometime next week."

He did not respond to questions on whether the Cabinet would consider reducing taxes or subsidizing public transport, only saying that "the Executive Yuan has yet to come up with concrete measures."

Bureau of Energy Director-General Yeh Huey-ching (葉惠青) told a news conference afterwards that the CPC's floating price system was implemented in January after authorities reviewed the system last September.

He said Taiwan's oil prices are lower than many nearby countries.

Additional reporting by Jimmy Chuang

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