Thailand’s inflation rate is now expanding more slowly than in prior months, with October’s growth at 5.98%. The deceleration is attributable to the direction of product prices, stabilizing fuel prices, and recent declines in food prices.
The Trade Policy and Strategy Office (TPSO) reported the inflation rate was 108.06 in October – a 5.98% expansion. TPSO Director Ronnarong Phoolpipat explained the expansion decelerated for the second consecutive month. September’s inflation rate expanded by 6.41% and August’s rate by 7.86%. 430 goods and services were used to calculate October’s inflation rate. 187 items, including white rice and glutinous rice, experienced price appreciation. Prices of 79 items were unchanged whereas prices of 164 items depreciated. The latter items include pork, vegetable oil, fresh chicken, and laundry detergent. For the first 10 months of the year, inflation has expanded by 6.15%. This remains within the TPSO’s projected frame of 5.5-6.5%.
According to the TPSO chief, there is a tendency for inflation to slow down during the remaining two months of the year. Inflationary factors are starting to stabilize, with the Dubai crude price remaining under 100 USD per barrel. At the same time, the Thai baht remains within the predicted range. Furthermore, the Department of Internal Trade has kept product prices as well as quantities at appropriate levels.
Mr. Ronnarong said many other countries are experiencing accelerating inflation. Said countries include Singapore, the Philippines, the United Kingdom, Italy, Germany, India, and the United States. (NNT)