Three major modern retailers in Thailand have reached an agreement with the Commerce Ministry to freeze or reduce the prices of more than 2,000 consumer goods and foods until the end of 2013, The Nation reports.
Tesco Lotus, Big C Supercentre and Siam Makro were called on to form the agreement as part of a push to halt rising living costs.
The three retailers met with deputy commerce minister Yanyong Phyangrach on Friday 27 September and agreed to establish special promotional plans for essential products.
Furthermore, they confirmed that prices would either be frozen or discounted by between ten and 50 per cent.
Corporate affairs director of Tesco Lotus’ Ek-Chai Distribution System, Salinla Seehaphan, stated that Tesco had pledged to draw up a price promotion plan for the rest of the year at all of its outlets, which number more than 1,500 throughout the country.
The promotions will focus on fresh produce, assisting farmers alongside consumer spending costs.
The emphasis on fresh fruit and vegetables is particularly significant with the upcoming vegetarian festival in Thailand.
Big C Supercentre’s director of corporate affairs, Kudatara Nagaviroj, confirmed that the company was lowering the price of its cooked food menu by Bt7 (US$0.22).
Associate commercial director of Siam Makro, Siriporn Dechsingha, stated that the company was reducing the costs of key cookery ingredients to ensure food retailer and restaurant prices could be kept down.
Thailand’s Commerce Ministry has also been successful in securing the cooperation of nearly 6,000 food retails and street-food traders to keep their prices manageable for consumers, at Bt25-30 (US$0.80-0.96).
