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Thailand’s inflation hitted 4.1% to a 16-month high in January

Inflation may accelerate to as much as 5 percent this year on rising oil prices and as the $261 billion economy recovers from its recession, the central bank predicts. The expiration of the government’s subsidy program for low-income earners will also lead to higher prices.

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Annual inflation hit a 16-month high of 4.1% in January on rising food, farm and fuel prices. But the sharp rise was in part due to last year’s low base, when prices fell due to the global recession.

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The country’s annual consumer price index, which tracks 417 products and services, rose for the fourth consecutive month after climbing by 3.5% year-on-year rise in December.

Monthly inflation returned to positive numbers of 0.6% in January, after dipping to -0.1% in December from 0.3% in November.

Thailand’s inflation accelerated to a 16-month high in January

“The further increase in consumer prices reflects clearer signs of the country’s economic recovery and a rebound in consumer spending, due to export recovery which leads an increase in industrial manufacturing, employment and rising farm prices on the back of high global demand,” said Yanyong Phuangrach, permanent secretary for commerce.

Food and beverage prices rose by 3.2% year-on-year, largely due to increases in the cost of rice, flour and cereal products, meats, vegetables and fruits.

Inflation may accelerate to as much as 5 percent this year on rising oil prices and as the $261 billion economy recovers from its recession, the central bank predicts. The expiration of the government’s subsidy program for low-income earners will also lead to higher prices.

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Pr News and BOI

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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Economics

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National News Bureau of Thailand

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

BANGKOK (NNT) – The Finance Ministry has reduced its 2021 economic growth forecast for a second time to 2.3% from 2.8% growth, after a third wave of coronavirus infections struck Thailand this month.

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Economics

Developing Asia growth set to rebound to 7.3% in 2021 (ADB)

Thailand slow vaccination progress coupled with a surge of infections has prompted Kasikorn Research Centre to lower its growth projection for the Thai economy this year from 2.6 percent to 1.8 percent. However, ADB’s forecast for Thailand growth in 2021 remains set at 3% (and 4.5% in 2022).

Olivier Languepin and Asian Development Bank

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MANILA, PHILIPPINES (28 April 2021) — Economic growth in developing Asia is set to rebound to 7.3% this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines, according to a new report from the Asian Development Bank (ADB).

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