The Office of the Consumer Protection Board reveals that inflation in the first month of 2024 remains negative for the 4th month in a row.

Nonthaburi, Director of the Office of Trade Policy and Strategy. Revealing that general inflation in the first month of 2024 has decreased for the 4th consecutive month at 1.11 percent, but has not yet reached the level of deflation. Even February's inflation rate still has a chance of continuing to be negative. Estimated average annual inflation is at -0.3-1.7 hundred. Mr. Poonphong Naiyanaphakorn, Director of the Office of Trade Policy and Strategy, revealed that Thailand's Consumer Price Index for January 2024 was 106.98, compared to January 2023, which was 108.18, resulting in general inflation decreasing by 1.11 percent. It has continued to decline for the 4th month and is the lowest in 35 months, although the possibility of inflation remains negative due to the government's tendency to reduce the cost of living. And the chance of this quarter being negative and averaging each month inflation will be both positive and negative. Even though it is seen that there will be a problem of deflation. But it is more technical deflation. This will be in line with the decrease in product prices in the energy group. From measures to reduce energy costs of the government sector In addition, the prices of products in the fresh food group continued to decrease from last month. Especially fresh vegetables and meat. This is because the amount of produce entering the market increases. Including the January 2023 price base used to calculate inflation is quite high. Contributes to decreasing inflation. For other goods and services, prices move in a normal direction. In this regard, Thailand's inflation rate is compared to other countries. The latest data for December 2023 found that Thailand's inflation rate decreased by 0.83 percent, which is in the group of countries with low inflation rates. It is ranked 3rd lowest out of 139 economic zones that have announced figures. and is still the lowest in ASEAN out of the 7 countries that have announced figures (Lao PDR, Philippines, Singapore, Vietnam, Indonesia, Malaysia). As for the average general inflation rate for the entire year 2023, it was found that Thailand rose only 1.23 percent, ranking 9th lowest out of 139. Economic zones that announce numbers This is consistent with the general inflation rate of many countries which is clearly slowing down from 2022. However, general inflation decreased by 1.11 percent this month. There were movements in the prices of goods and services as follows: Categories other than food and beverages decreased by 1.13 percent following a decrease in prices of products in the energy group. Including diesel, gasohol 91, E20, E85 and electricity costs. Men's and women's clothing Cleaning items (detergent, fabric softener, etc.) Dishwashing liquid) In addition, the prices of electrical appliances continue to decrease according to promotions to stimulate sales. both television receivers Washing machines and refrigerators, as well as body soap and skin protection and care products. and shampoo Prices have decreased as well. For products with slightly hig her prices, such as body powder, toilet paper, and women's hair styling. Buddha offerings Foreign excursions, cigarettes, liquor and wine prices change according to promotions. Meanwhile, the food and non-alcoholic beverage category decreased by 1.06 percent following a decrease in the price of products in the meat, duck, chicken and aquatic animal groups (pork meat, fresh chicken, mackerel, white shrimp, sea bass), fresh vegetables (eggplant, lemon, cucumber) and Fruits (tangerines, longkong, mangoes) due to the large amount of produce entering the market For products with slightly higher prices, such as rice, glutinous rice, baked goods, soy milk, sour milk, instant coconut milk, curry paste, instant coffee powder, coffee/tea (hot/cold), noodles, curry rice/boxed rice. and lunch (rice and curry) The Consumer Price Index for January 2024 compared to December 2023 increased by 0.02 percent following an increase in categories other than food and beverages by 0.28 percent, with fuel prices rising for the firs t time after falling consecutively. for 4 months, which increased for both gasoline groups and gasohol. In addition, the electricity cost Motorcycle taxi fare air fare Personal expenses (facial cleansing foam, perfume, skin protection and care products) have increased in price. However, there are still items whose prices have decreased, such as women's shirts and pants. pet food and mobile phone receiver Meanwhile, the food and non-alcoholic beverage category decreased by 0.31 percent following a decrease in Sticky rice, pound bread, eggs, sour milk, fresh vegetables and fruits (tomatoes, kale, fresh chili, tangerines, ripe papaya, bananas). For products with slightly higher prices, such as pork, fresh chicken, tilapia, instant coconut milk. Dietary supplements, sweet drinks, coffee/tea (hot/cold), rice and curry/boxed rice, noodles, and lunch (rice and curry). In this regard, the Office of the Consumer Protection Board assesses that the trend of general inflation in February 2024 is likely to continue to de cline. with supporting factors from 1. Measures to reduce the cost of living in energy include fixing the price of electricity at a rate not exceeding 3.99 baht per unit for households that use no more than 300 units of electricity per month. which has 17.77 million people benefiting and the measure to freeze the price of diesel fuel not more than 30 baht per liter until April 19, 2024 and 2. The impact of the El Niño phenomenon has decreased. and in some areas the temperature has dropped. As a result, the quantity of fresh vegetables entering the market was higher than in the previous year. As a result, prices tend to continue to decrease. However, there are factors that cause inflation to increase, including: 1. The conflict situation in the Middle East that is still protracted. causing freight rates and important commodities to increase 2. The baht tends to depreciate. Resulting in higher prices of imported products. 3. Prices of agricultural products have increased. both from increased demand and adjusti ng prices to be balanced and fair to those involved throughout the supply chain and 4. continued expansion of the tourism sector After the government has a policy to facilitate traveling to Thailand. of tourists and businessmen from various countries, resulting in the demand and prices of products related to the tourism sector increasing. The Ministry of Commerce still expects general inflation in 2024 to be between -0.3 - 1.7 percent, which is a rate consistent with the current economic situation. And if the situation changes significantly, it will be reviewed again. Source: Thai News Agency