Consumer’s price index or inflation rate for the month of October was registered at 106.85 points or 0.34 percent increase compared to the same period last year.
The rate increase was the seventh in a row, averaging 0.06 percent rise monthly for the past ten months.
The increased CPI was attributable to 0.89 percent price increase of food and non-alcoholic drinks segment and 0.02 percent price increase of non-food and non-drink segment such as eggs and pork.
However, Ms Pimchanok Wornkhorporn, deputy director of the Office of Trade Policy and Strategy said that the inflation rate for the whole year would increase at most one percent as earlier forecast by the Commerce Ministry as the economic growth rate was expected to increase 3.3 percent with the price of crude oil fluctuating between US$35-45 per barrel and the exchange rate between 35-37 baht per dollar.
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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