Commerce reveals inflation in August rose 0.88 percent due to high oil prices. lowest in ASEAN Food prices continue to slow Food ingredient prices drop Inflation forecast for the whole year 2023 is 1.0-2.0 percent.
Mr. Poonphong Naiyanaphakorn, Director of the Office of Trade Policy and Strategy, revealed that Thailand's Consumer Price Index in August 2023 rose 0.88 percent, a slight increase from 0.38 percent in July 2023, following an increase in goods in energy group According to the price of fuel Increased in line with prices in almost every type of world market. Except for the diesel group, prices decreased. Including public transportation such as airplanes and motorcycle taxis. and small buses/songtaews that increases according to costs. In addition, electricity costs cooking gas price Cost of personal items (Body powder, toilet paper, toothpaste), while the price of fresh food remained stable. meat part and cooking equipment prices have decreased As a result, the overall prices of products in the food and non-alcoholic beverage category continued to slow down.
Thailand's inflation rate compared to other countries shows that the inflation rate of many countries tends to slow down. Except for some countries experiencing drought and inclement weather, such as India, inflation has accelerated quite a bit. As for Thailand's general inflation rate, it is in the group of countries with low inflation rates. and remains the lowest in ASEAN for the 5th consecutive month out of 7 countries that have announced figures (Lao PDR, Philippines, Singapore, Indonesia, Malaysia, Vietnam).
For the 8-month average consumer price index (Jan. - Aug.) of 2023, compared to the same period last year. Increased by 2.01 percent (AoA), within the target range of the Minister of Finance. and the Monetary Policy Committee (MPC) determined (1.0 - 3.0 percent). The general inflation trend in September 2023 is likely to be stable or slightly increase. Factors that have a positive effect on inflation include energy prices, including fuel, electricity, and cooking gas, which remain high. Demand may increase from the new government's economic stimulus measures. The drought situation is more severe than last year in many countries around the world. This causes the quantity of agricultural crops and livestock to decrease. As a result, prices of food and related products will increase.
Including the calculation base in September 2022 at a high level. This is a factor that puts pressure on inflation to remain stable and not increase much. In addition, there are also factors arising from government measures that are expected to come out in the near term. and significantly affect inflation, such as measures to reduce the cost of living and reducing costs in the production and service sectors (reducing electric train fares, oil prices, electricity prices, cooking gas prices) and geopolitical conflicts which still needs to be followed closely
The Ministry of Commerce predicts general inflation in 2023 will be between 1.0 - 2.0 percent (median value 1.5 percent) and if the situation changes significantly, there will be a review again. The overall consumer confidence index for August 2023 has been adjusted high. rose slightly to 53.4 from 53.3 in the previous month. from an increase in the Consumer Confidence Index in the future (next 3 months), while the current Consumer Confidence Index has decreased slightly.
The overall consumer confidence index is in the confidence range for the 9th consecutive month (since December 2022). The reason is expected to be from Thai economy that continues to recover especially the tourism and service sectors Establishing a government with more clarity It affects the confidence of investors and the public, and they still have to monitor energy prices. Products and services Still at a high level It is still a reducing factor. Public confidence.
Source: Thai News Agency