Stressing the importance of price stability, Taiwanese Premier Wu Den-yih on November 11 instructed government agencies to track international price changes of raw materials and monitor their supply and demand in Taiwan.
The premier also asked Vice Premier Sean Chen to call meetings of the price stability task force if necessary and draw up measures against irregular price fluctuations.
“International crude, metals and commodities prices have trended higher in the second half of this year, causing countries over the world to experience increasing inflationary pressure,” the premier said during a Cabinet meeting Thursday. “Some items have risen sharply in just the past week and caused global concerns.”
He pointed out that international futures prices for wheat and soybeans were 44.5 percent and 25.3 percent higher in October than in the same period last year, while domestic flour and salad oil prices are also on the rise.
Taiwan Sugar has increased imports in response to new highs in global sugar prices and has also capped price increases on the bulk sugar it sells. Meanwhile, the retail price of sugar sold in smaller packages will be kept steady at NT$36 per kilogram through the end of this year in order to reduce the burden on consumers, said Premier Wu.
The premier lauded the Ministry of Finance for cutting tariffs on various items in a timely manner and encouraging local producers to keep prices steady in the interest of local consumers. He also instructed the Ministry of Economic Affairs and other agencies to monitor procurements of commodities by importers so as to ensure ample availability of raw materials and maintain reasonable prices at downstream levels.