Economics Minister Wang Mei-hua said on Friday that Taiwan’s commodity prices are stable. Wang was speaking in light of a rise in raw material prices worldwide that could bring about inflation and soaring commodity prices in Taiwan.
Wang said that the kind of price stabilization mechanism that Taiwan has is both effective and rare in the world. She said the Cabinet has announced that electricity prices for October will not rise. Wang also said that the economics ministry is keeping a tight watch over the prices of products for daily use, including soybeans, wheat, and corn.
Wang also said that steel can be produced in Taiwan. She said that this would help in stabilizing commodity prices within the country. She said Taiwan has an advantage over other countries, with mechanisms that help stabilize prices of goods.
Meanwhile, on Thursday, Premier Su Tseng-chang announced measures for stabilizing prices. Besides activating the price stabilization mechanism, measures include strict investigation into price gouging, keeping electricity and natural gas prices where they are, and launching an activating mechanism for stabilizing oil prices.