Thailand’s Consumer Price Index CPI in September was 112.86, down 0.33 per cent from August, its first drop in 11 months as major factors contributing to the slight decline were the government’s measures to reduce the cost of living and commerce ministry measures on price controls, according to Yangyong Puangrach, Permanent Secretary for Commerce.
Food and beverage prices fell 0.65 per cent, while prices of other commodities in September dropped 0.96 per cent owing to a drop in retail fuel prices of 8.02 per cent on average. Public transportation fares dropped 0.99 per cent in line with global oil prices and government policies.
However, inflation in September rose 4.03 per cent year-on-year while inflation in the first nine months this year climbed 3.75 per cent, compared to the same period last year.
The permanent secretary for commerce said three major factors which will have a further impact on inflation were suspending the temporary levy on 91 octane, 95 octane and diesel fuel, the appreciation trend and the interest rate policy likely to be maintained at the Oct 19 meeting of the Bank of Thailand BoT monetary policy committee MPC.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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