THURSDAY, March 28, 2024
nationthailand

Thailand inflation continues upward trend, 4-5% predicted for year

Thailand inflation continues upward trend, 4-5% predicted for year

Thailand’s inflation increased 4.65 per cent in April from a year ago and is expected to climb higher this month due to rising prices of fuel and cooking gas, according to the Ministry of Commerce’s Trade Policy and Strategy Office.

The consumer price index (general inflation) stood at 105.15 in April, up 0.34 per cent from March and 4.65 per cent from April 2021.

The Ministry of Commerce forecast Thailand’s inflation rate at between 4.0 and 5.0 per cent this year, which it described as “suitable” for the current situation.

There are still many factors that have contributed to keeping inflation high, including rising global prices of fuel and commodities, fallout of the boycott measures against Russia, the Covid-19 pandemic, and climate change, according to the ministry.

The office director-general, Ronnarong Phoolpipat, said inflation growth in April was lower than February and March, when the increase was the highest in 13 years at 4.71 per cent.

Thailand inflation continues upward trend, 4-5% predicted for year

The surge in inflation was caused by higher prices of fuel (as much as 29.74 per cent) and transport cost (up 10.73 per cent). Also, food prices increased 4.83 per cent on average, covering items ranging from eggs and pork to non-alcoholic beverages and daily goods such as toothpaste and soap.

However, some products saw a decrease in prices over the past month, including rice flour and fresh fruits, such as orange, mango and banana.

The Ministry of Commerce expects inflation to continue its growth in May, when compared to the same period last year after the government lowered its subsidy on diesel oil, while cooking gas prices are increasing. Meanwhile, the prices of fresh and cooked foods have been adjusted higher due to the rising costs of raw materials.

nationthailand