The prices of more than 150,000 products and services will be cut by as much as 87%, from now until the end of December.

Speaking after a meeting with manufacturers, distributors, malls, local markets and service providers, Commerce Minister Phumtham Wechayachai said that as a part of the government's Quick Win policy, 288 business operators yesterday agreed to reduce the prices of their goods and services covering 151,676 items across the country for three months until Dec 31.

These products are categorised into three groups: food and beverages, including processed food, rice, seasonings and drinks (3,058 items with a maximum discount of 87%); essentials such as electrical appliances, home decoration, tools, medicines and medical supplies (8,290 items with a maximum discount of 80%); and agricultural items (198 items with a maximum discount of 40%).

The service categories are divided into three groups: medical services (140,000 items with a maximum discount of 20%); car maintenance and repair services (123 items with a maximum discount of 50%); and logistics and courier services (seven items with a maximum discount of 69%).

Thai President Foods Plc, producer of Mama instant noodles, said price reductions can be achieved because many parties have cooperated.

For instance, to produce a packet of instant noodles for 7 baht includes costs such as flour, palm oil, electricity, transportation and labour. If the cost of any of these decreases, it could lead to lower product prices.