The Ministry of Commerce has revealed Thailand’s inflation has seen a positive expansion figure for the first time in 16 months, expecting the overall inflation rate of this year to reach 1 percent.
Trade Policy and Strategy Office Executive Director Somkiat Triratpan has revealed Thailand’s Consumer Price Index or the inflation rate of April 2016 was 106.42, which is 0.07 percent higher than the figure of the same period last year. It is the first positive expansion in 16 months since December 2014.
Factors which contributed to the inflation include the rising prices of foods, non-alcoholic beverages, alcoholic products and tobacco.
It is expected that the inflation rate during the third quarter of 2016 will remain positive from the increased fuel prices, while the prices of agricultural produce are likely to decline due to better cultivation in the coming rainy season, feeding more produce to the market.
A nationwide survey on the prices of 450 products and services has shown that the prices of 200 items had increased, while the prices of 166 items had remained unchanged, and the prices of 84 items had decreased.
The Trade Policy and Strategy Office will make adjustments to the inflation rate expectation in June, while the overall inflation rate this year is expected to remain in the 0-1 percent range under the 2.8-3.8 percent economic growth rate.
Inflation rate in Thailand
(source : World Bank)
Thailand saw the first rise in inflation rate in 16 months as drought and fuel pushed up prices of daily essential goods such as vegetables and meats.
About the author
Akanksha Singh is an Indian journalist based in the bustling city of Bangkok, Thailand. With a degree in Mass Communication and years of experience, she has become a trusted voice in reporting on Southeast Asian affairs.