Nonthaburi, Aug. 7-Director of the Trade Policy and Strategy Office (TPP) reveals the inflation rate in July ’23. plus only 0.38 percent, a continuous low level But the Ministry of Commerce forecasts that the headline inflation rate in 2023 is between 1.0 – 2.0 percent.

Mr. Poonpong Naiyanapakorn, Director of Trade Policy and Strategy Office (NAP.) revealed that Thailand’s Consumer Price Index in July 2023 was 107.82 compared to July 2022, which was 107.41, resulting in a rise in headline inflation of only 0.38 percent, which is at a continuous low level from the past. The main reason was a slowdown in the price of food products. Especially products in the pork group. and cooking utensils The price has decreased for the third consecutive month and the price of fuel has decreased for the fifth consecutive month compared to the same month last year. coupled with the July 2022 price base used to calculate inflation at a high level

In this regard, Thailand’s inflation rate compared to other countries The latest data in June 2023 shows that inflation in many countries around the world tends to slow down continuously. by headline inflation And Thailand’s core inflation rate is among countries with low inflation rates. And the lowest in ASEAN from 7 countries that announced the numbers Lao PDR, Philippines, Singapore, Indonesia, Malaysia, Vietnam

However The inflation rate in July 2023 rose by 0.38 percent, with the following movements in prices of goods and services. Food and non-alcoholic beverages category up 1.49 percent, a considerable slowdown from the previous month Products that still have higher prices, such as fresh vegetables and fruits, lemons, ginger, eggplant, rambutan, watermelon, tangerine, eggs, chicken eggs, duck eggs, and salted eggs due to the weather changes than last year. Therefore, the amount of production is not much. Rice, flour and flour products (glutinous rice, pastries, vermicelli), non-alcoholic beverages. (Instant coffee powder, sweet drinks, soft drinks) and milk products (soy milk, sweetened condensed milk, non-dairy creamer) increased in line with production costs. In addition, instant food prices slightly increased for important products, such as pork, due to increased volume in the market. Increase Khaosan price changes according to the promotion. Cooking ingredients (vegetable oil, coconut (dried/grated), tamarind) and some fresh vegetables. (green onion, fresh chili, coriander)

While other non-food and beverage categories fell by 0.38 percent (YoY) following a decline in fuel prices that have declined for the fifth consecutive month, including diesel and gasohol (except E85). ) and benzene. There are also other products that have reduced prices, such as men’s and women’s shirts. electrical appliance (TV set air conditioner washing machine), mobile phone receiver cleaning-related things (detergent, fabric softener, laundry products), face masks and cable TV membership fees As for products with higher prices compared to the same month in 2022, such as electricity bills Cooking gas, personal care expenses, body powder, toilet paper, toothpaste, personal care expenses Hair dressing for men and women, medication, cold medicine, painkillers to reduce fever, cough medicine, and public fare. Small bus/songthaew

However, the 7-month average inflation rate (Jan. – Jul.) of 2023 compared to the same period last year up 2.19 percent, within the target range set by the Minister of Finance and the Monetary Policy Committee (MPC) set (1.0 – 3.0 percent). The consumer price index in this month Compared to the previous month, it decreased by 0.01 percent (MoM) following the price of food and non-alcoholic beverages. decreased by 0.60 percent (MoM) due to a decrease in pork, beef and aquatic animals, vegetables and fruits (lemon, spring onion, yard long bean, rambutan, durian, longkong) and cooking ingredients (vegetable oil, oyster sauce, instant coconut milk), while rice Glutinous rice, eggs, soft drinks and food to order (Delivery) prices slightly increased. For categories other than food and beverages The price was slightly higher at 0 percent. 42 (MoM), such as almost all types of fuel. (except diesel), house rent, cleaning stuff and the value of personal use (dishwashing liquid, ironing liquid, bathroom cleaner, toothpaste, protection and skin care products), men’s and women’s hair styling and airfare Products with reduced prices such as diesel fuel, men’s and women’s shirts electrical appliance (TV set washing machines, air conditioners), anything about cleaning and personal care items (detergent, fabric softener, laundry products, shampoo, hair conditioner)

However, the FPO estimates that the headline inflation trend in August 2023 is likely to expand slightly in a narrow frame, supported by some food products that continue to expand. Because the weather this year is rather drier than last year. resulting in a small amount of output to the market Including ready-to-eat food prices that are still at a high level. and fuel prices that are likely to expand This was due to the production cuts of OPEC countries and the heightened Russian-Ukrainian conflict. However, the price base used to calculate inflation in August 2022 was high. As a result, inflation remains low and moves within a narrow range. However, the volatility of fuel prices, the drought situation, the global economy, and geopolitical conflicts It is also a risk factor that affects inflation. which must monitor the situation closely The Ministry of Commerce expects headline inflation in 2023 to be between 1.0 – 2.0 percent (the median value of 1.

Source: Thai News Agency