Thailand’s inflation rate has reached a 16-month low at 2.67%, according to the Trade Policy and Strategy Office (TPSO). The director of TPSO, Poonpong Naiyanapakorn, stated that the inflation rate is expected to decline further in May, potentially reaching below 2%, thanks to the lower retail pricing of goods used for the calculation and a decrease in fuel prices.
However, despite the decrease in the inflation rate, the prices of many items have gone up. TPSO has been monitoring the prices of 430 goods and services, and from their latest round of monitoring, 334 articles have increased in price, including electricity, diesel, and cooking gas. Meanwhile, 58 articles have decreased in price, including vegetable oil, pork, and cabbage.
The TPSO will remain vigilant and monitor the risk factors that may affect the inflation rate, such as the high price of cooking gas, the drought affecting agricultural produce, and the recovery of the tourism sector that may affect the prices of goods and services.
Compared to other economies, Thailand’s inflation rate in March was the 14th lowest among 133 economies, and the lowest among the seven ASEAN countries that disclosed their inflation figures: Laos, the Philippines, Singapore, Indonesia, Malaysia, Vietnam, and Thailand.