Thailand's CPI hits 14-year high in August

Wednesday, 07/09/2022 09:25
The headline consumer price index (CPI) of Thailand in August rose 7.86% year-on-year, the highest level since July 2008, the Thai Ministry of Commerce reported on September 5.
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Illustrative image (Photo: https://www.thestar.com.my/)

The main reason behind the high CPI rise was that energy prices in Thailand remained high.

The country’s headline inflation rate in August rose slightly from the previous month to a 14-year high, in line with forecast and reinforcing expectations of a further interest rate hike later this month.

The pace, the fastest since July 2008, was far above the central bank's target range of 1% to 3%. 

Ronnarong Phoolpipat, an official of the ministry said the inflation rate may have peaked in August, citing that inflation stayed at 7% levels for three months in a row, suggesting it has peaked and will come down if the price situation continues to stay at current levels.

The ministry expects inflation at around 5% in the fourth quarter and a range of 5.5% to 6.5% in the whole of 2022, he said.

In August, the core CPI index, which does not include energy and fresh food prices, rose 3.15% from a year earlier, lower than a forecast 3.20%, but faster than July's 2.99%. 

In the January-August period, headline inflation of the Southeast Asian nation was 6.14% and the core rate was 2.16%./. 

CPV (Source: VNA)

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