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Ministry of Commerce Ready to Intervene if Commodity Prices Rise Too High

  • Posted Jul 21, 2022 15:36 by Hun Sirivadh
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PHNOM PENH: The Spokesperson for the Ministry of Commerce, Penn Sovicheat, has said that the prices of major consumer goods are currently rising by about four to five percent, however, the Ministry is ready to intervene if the price of goods needed for people’s livelihoods increases much more.

Speaking at a press conference organized by the Royal Government Spokesperson’s office on Thursday morning, 21 July, Spokesperson Penn Sovicheat said that while inflation is rising, the Ministry of Commerce has facilitated and ensured that the source and diversity of goods on the market are stable. He added that if necessary, the Ministry would intervene further.

The Spokesperson described essential goods for people’s livelihoods to include fish, meat, vegetables, rice, spices and some imported goods as well.

"I would like to take this opportunity to inform you that the price of goods has gone up a bit, but compared to other countries, we are in a position that can still be guaranteed," he said. "And let me tell you that our country is a food-producing country, just as the Prime Minister said. So as a food-producing country, we do not need to fear food shortages."

He further urged the private sector to join the ministry in reducing costs so that all consumers can continue to have access to essential goods.

At the opening of the first half-year meeting on 20 July, the Governor of the National Bank of Cambodia, Chea Chanto, said that the inflation rate in Cambodia reached a record high of 7.2% this May, making it the highest inflation rate seen in the last 10 years.

The National Bank of Cambodia Governor attributed the rise in inflation to the rising price of oil and food across the glove due to the ongoing war in Ukraine and the sanctions placed on Russia, as Ukraine and Russia are the world's leading exporters of raw materials such as fuel, gas, fertilizer and agricultural products.


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