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CPI rises 5.98% year-on-year

BANGKOK: Official data figures have indicated that Thailand’s headline consumer price index (CPI) rose 5.98% in October from a year earlier, slightly lower than forecast and the slowest pace in six months.

economics
By National News Bureau of Thailand

Wednesday 9 November 2022, 05:27PM


The Trade Policy and Strategy Office (TPSO) Director Ronnarong Phoolpipat. Photo: NNT

The Trade Policy and Strategy Office (TPSO) Director Ronnarong Phoolpipat. Photo: NNT

The rise follows September’s 6.41% increase and was just shy of the 6.0% forecast in a Reuters poll, reports state news agency NNT.

According to the Ministry of Commerce, the core CPI index, which strips out energy and fresh food prices, was up 3.17% in October from a year ago, versus a forecast rise of 3.20%.

The ministry said in a statement that inflation in November would slow due to lower consumer goods prices while other prices remained stable despite increasing costs, helped by government measures to ease the cost of living.

However, high energy costs, the weak baht currency and rising domestic demand could limit the rate of the decline.

Senior commerce official Poonpong Naiyanapakorn told a briefing that the inflation situation is slowing, adding that it is expected to slow in the remaining two months.

The ministry noted that headline inflation forecast for the year is still seen at the 5.5% to 6.5% range.

The Trade Policy and Strategy Office (TPSO) reported the inflation rate was 108.06 in October – a 5.98% expansion. 

TPSO Director Ronnarong Phoolpipat explained the expansion decelerated for the second consecutive month. September’s inflation rate expanded by 6.41% and August’s rate by 7.86%.

In total, 430 goods and services were used to calculate October’s inflation rate. Of those, 187 items, including white rice and glutinous rice, experienced price appreciation. Prices of 79 items were unchanged whereas prices of 164 items depreciated. The latter items include pork, vegetable oil, fresh chicken, and laundry detergent. 

For the first 10 months of the year, inflation has expanded by 6.15%. This remains within the TPSO’s projected frame of 5.5-6.5%, Mr Ronnarong said.

According to the TPSO chief, there is a tendency for inflation to slow down during the remaining two months of the year. Inflationary factors are starting to stabilize, with the Dubai crude price remaining under US$100 per barrel.

At the same time, the Thai baht remains within the predicted range. Furthermore, the Department of Internal Trade has kept product prices as well as quantities at appropriate levels.

Mr Ronnarong said many other countries are experiencing accelerating inflation. Such countries include Singapore, the Philippines, the United Kingdom, Italy, Germany, India, and the United States.

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