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Commodity prices likely to hold steady, CEPD says

“We advise consumers not to panic over a few brands’ decision to raise their prices.”

— Hu Chung-ying, vice chairman of the Council for Economic Planning and Development

The public may be able to feel a degree of ease as increases in commodity prices are expected to slow after this month, a Cabinet official said yesterday.

Vice Chairman of the Council for Economic Planning and Development Hu Chung-ying (胡仲英) told a press conference yesterday that the extra financial pressure should ease up if no serious natural disasters hit the nation in the second half of the year.

Hu said recent international crude oil and raw material price decreases had had a positive impact on Taiwan’s domestic commodity prices.

As a result, commodity prices in Taiwan are expected to stabilize and decrease gradually, he said, but added that the Directorate-General of Budget, Accounting and Statistics would not publicize the latest consumer price index until Aug. 22.

Hu made the remarks after Vice Premier Paul Chiu (邱正雄) presided over a Cabinet-level task force meeting on the prices of domestic commodities.

“Consumers have a variety of choices in terms of everyday products,” Hu said. “We advise consumers not to panic over a few brands’ decisions to raise their prices.”

Meanwhile, although flour suppliers had agreed to cooperate with a government effort to stabilize commodity prices by cutting the price of flour later this month, Hu said local bakeries were unlikely to follow the cut.

“They still have to cover other costs, such as oil, rent and their employees’ salaries ... but after the government contacted them, they agreed to offer consumers discounts,” Hu said.

The businesses that had agreed to provide discounts included Carrefour, Geant, RT-Mart and 7-Eleven convenience stores, he added.

Hu also defended the Cabinet’s efforts to negotiate prices with businesses, saying that it was unlikely the government would interfere too much with prices in a free market.
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