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https://www.nationthailand.com/thailand/economy/40020566

Ministry says inflation peaked in August, prices lower for rest of year

FRIDAY, SEPTEMBER 30, 2022

THE NATION

Thailand’s inflation rate has peaked and will remain below 6.5 per cent for the whole year, according to the Commerce Ministry.

The ministry’s Trade Policy and Strategy Office (TPSO) said on Thursday that inflation had soared in recent months, driven by international conflict and economic measures in foreign countries. This had driven up energy and food costs, resulting in higher retail prices in Thailand, it said.

Inflation peaked at 7.86 per cent in August and has been slowing since then, TPSO director Ronnarong Poonphiphat said. Inflation was being controlled by government measures, including asking product manufacturers to cap prices, he added.

Ronnarong predicted that raising the daily minimum wage on October 1 would have a minimal effect on inflation, as only a small proportion of manufacturing workers are on minimum wage. He said employers were expected to implement wage-management strategies to keep their costs from rising further.

Raising the fuel tariff should have hiked inflation by 0.78 per cent but government fuel subsidies and other measures had limited the rise to 0.25 per cent, he added.

Energy prices were the main driver of inflation up to August, rising 30.5 per cent over the previous six months.

Ronnarong said the improving economic situation and declining inflation were reflected in the Bank of Thailand’s move to raise the policy interest rate from 0.75 per cent to 1 per cent on Wednesday. The TPSO reckoned the 0.25 percentage point rise will dampen inflation by 0.04 to 0.12 per cent.

“TPSO estimates that Thailand’s headline inflation this year will not exceed 6.5 per cent and be within our estimated range of 5.5 to 6.6 per cent,” said Ronnarong.

However, factors that required monitoring included fluctuating energy prices, flooding that could affect agricultural output, and the weakening of baht, he added.

THE NATION