ThaiInquirer.com-Sept 5
Thailand’s headline inflation hits 14-year high in August when it rose by as much as 7.86% year-on-year, the Ministry of Commerce announced.
“Inflation has reached its peak this year…and the main driver of inflation is still energy prices which increased by 30.5%,” said Ronarong Phoolpipat, director-general of the ministry’s Trade Policy and Strategy Office. “Even though the prices of gasoline and gasohol have decreased when compared to a month earlier, the price of diesel, cooking gas and electricity have all gone up while the prices of services such as public transportation and education have also increased,” he said. The headline consumer price index (CPI) was at 107.46 points in August, up 7.86% year-on-year and increased by 0.05% when compared to July. The inflation rate in August was the highest since the index rose by 9.2% year-on-year in July 2008, the same year as the previous global financial crisis. The Commerce Ministry’s headline inflation forecast for 2022 is currently at the range of 5.5-6.5%.
The Bank of Thailand (BoT) expects headline inflation to peak in Q3 of 2022 before ending the year at no less than 6%. For the first 8-months of 2022, headline inflation rose by 6.14% year-on-year. Core inflation rose by 3.15% year-on-year and up by 0.09% when compared to the previous month and representing a fifth consecutive month of increase. For the first 8 months of 2022, core inflation rose by 2.16% year-on-year. Read more at: https://www.thaienquirer.com/43762/thailands-august-inflation-hits-14-year-high-on-the-back-of-high-energy-cost-bot-expects-gradual-economic-recovery/
