Thai Prime Minister issues price warning as Bangkok braces for floods

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12 October 2011

BANGKOK, THAILAND – Residents have been clearing the shelves of markets in preparations to brace for intense flooding in the coming days. Yingluck Shinawatra, the Prime Minister of Thailand has issued a warning to businesses across the country stating that business owners should reframe from price gouging and taking advantage of typical supply and demand situations in times of natural disaster preparations. The Prime Minister feels that if businesses raise their prices that it will cause suffering locals, who were hit hard by the heavy monsoon rains, to turn to crime and the hoarding of businesses to get the provisions they need. Another issue that Thai officials are worried about is the fact that Bangkok is a mere two meters above sea level, which leaves the country’s capitol highly vulnerable to reservoir overflows due to the intense swelling of the Chao Phraya River. According to Thailand’s Department of Disaster Prevention and Mitigation, since late July the country has seen about 281 people lose their lives to the monsoon rains and flooding. Of Thailand’s 77 provinces, there are 26 provinces that are consumed by flooding and mudslides.

SOURCE: http://www.reuters.com/article/2011/10/12/uk-thailand-floods-idUSLNE79901G20111012

Reliability: 9

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