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Raw material price increases to be moderate, MOEA states

Raw material price increases to be moderate, MOEA states

An "immediate" end to continuing increases in raw material prices is not possible in the near future, but the range of the increases is expected to become moderate because the prices have already neared their high end, the minister of economic affairs said yesterday.
Steve R.L. Chen made the remarks at the Ministry of Economic Affairs' year-end press conference, during which he announced that bulk commodity marketing service charges will be canceled from the first day of next year.
The cancellation was made in a meeting of the Executive Yuan price stabilization working task force a few days ago. It was also decided during the meeting that the customs testing and quarantine service fees on imports will be cut to a lower level in a drive to help stabilize consumer prices, Chen said.
Asked about possible price fluctuations next year, Chen said that Taiwan has "almost no way" to curb price fluctuations resulting from price hikes of raw materials in the international market, because the country itself relies heavily on raw material imports.
However, Chen continued, the international community has begun efforts to curb raw material price hikes. For example, the U.S. government has launched measures to encourage the planting of more wheat, he said, noting that despite such efforts, there are still many other factors that will play a role in determining prices, including weather, supply and demand, and whether some agricultural raw materials will be used to produce energy.


Updated : 2021-03-06 22:31 GMT+08:00