Thai Inflation Rate Ranks 2nd Lowest in ASEAN

April 11, 2023

Global oil prices declined in February, which has helped bring down the prices of consumer products in Thailand. Thailand’s inflation rate is now the second-lowest among ASEAN peers and the 20th-lowest in the world.

Government Spokesperson Anucha Burapachaisri spoke about the inflation situation last month, when inflation in Thailand was 3.79%, saying the tendency is for inflation to continue to ease. Inflation in Thailand is the second-lowest in the ASEAN region and the 20th-lowest in the world.

The spokesperson explained that the decline in inflation resulted from the easing of fuel prices amid falling global oil prices. Prices in many categories of fresh food products have also fallen, including those for rice, pork, chicken, eggs, vegetables, and fruit.

Prices of ingredients such as vegetable oil have also dropped due to a decline in raw material costs. The Ministry of Commerce is currently retaining its forecast for headline inflation in the range of 2-3% this year, which it says corresponds with Thailand’s current economic situation.

Anucha noted that the government has sought to maintain a proper balance as it addresses issues of consumer product prices and energy prices. It has also worked to keep inflation at an appropriate level for the benefit of the public and will continue to closely monitor the inflation situation.

Source : National News Bureau