Thai feed companies allowed raising prices

08-07-2008 | |
Thai feed companies allowed raising prices

Feed companies in Thailand will soon be finally allowed to hike prices to offset rising production costs. Shrimp and pig feed are the first feeds that will be sold against a higher price.

Thai feed producers have been asking for permission to
raise prices since the costs of raw materials, including soybean meal and
powdered fish, shot up last year.

The government froze animal-feed
prices in 2004, and has not approved price increases since then out of fear that
they would cause a chain effect on related industries.

Now, the Commerce
Ministry will allow retail prices to go up soon, Internal Trade Department
director-general Yangyong Phuangrach said last week. The new prices would be
gradually implemented to give both consumers and farmers more time to adjust.

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