Thailand’s inflation could reach 5.9% – the highest for 24 years

[snoop1130]

 

Thailand’s inflation for this year is projected to rise from 4.9% to 5.9%, which would be the highest in 24 years. It may peak at 7% during the third quarter, before it starts to fall, in line with increasing domestic output and a global economic slowdown, according to the Siam Commercial Bank.

 

The bank’s Economic Intelligence Centre (EIC) Chief Economist Somprawin Manprasert, said that the EIC has revised Thailand’s economic growth forecast, from 2.7% to 2.9%, thanks to the tourism economic engine, which is expected to see foreign arrivals increase from 5.7 million to 7.4 million by year end, as a result of the further relaxation of travel restrictions and improved performance of the service sector. Export growth, however, may fall from 6.1% to 5.8%.

 

He added that the EIC expects the Thai Monetary Policy Committee to increase the benchmark policy rate from 0.5% to 0.75%, to slow inflation and reduce risks to price stability.

 

Full Story: https://www.thaipbsworld.com/thailands-inflation-could-reach-5-9-the-highest-for-24-years/

 

-- © Copyright Thai PBS 2022-06-14

 

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[RafPinto]

Could??

 

I love as a treat 'Kitkat".
I always buy it at 7/11 at 25 Baht.

Same at Lotus and Big C

 

Yesterday it was at 30Baht. That's 20% increase and this I can see on many products.
Not even talking about petrol.

[Blumpie]

Inflation really hurts people who are just hardly getting by.  IT is like a tax on the poor and it really hurts.  People have to eat. 

Eventually people stop doing all things that are discretionary.  In oil and gas, we call this demand destruction.  

[Sydebolle]

Chicken went from just below 60 Baht to 80 - 89 Baht; that's a staggering 30+% increase which, as per some farmers in the neighbourhood, did not even cover the increase on chicken feed which saw a hiking from 10 to 14.5 Baht per kilogramme. 
So, next to the coronaphobia now they thrown in the war in Ukraine for good measure and explanation - what's next? 

[Cake Monster]

Thailands inflation rate today, is way in excess of 4.9 % 

With every  product and service now, there seems to be a hike in price of 20% or more.

I think maybe there is some Data Engineering going on to prevent the Country sliding into Stagflation.

Inflation certainly seems to be outpacing production from what I see on the surface of things.

[vivananahuahin]

8% will be next the reality if the BOT doesn,t use rates hikes very quickly.

[Purdey]

The history of Thai economists forecasting any numbers like growth or inflation has a poor record. However, the more important number I think we should look for is when inflation subsides, will prices decrease proportionally? 

[xtrnuno41]

AH, so what. Inflation in "my" country is already 12 %.

We are on top of the list paying for petrol. 2.50 euro/ltr. Wished i could pay like Americans only 1.26 euro/ltr or for that matter what they pay in Thailand.

And then im not even talking about electricity, gas and all other things which became very expensive. Even now the middle class payed people have problems with living. Our government is doing real well, NOT.

They dont give a damn about their inhabitants, only money for them.

So they can spend 150 million euro on a old painting. Yeah thats "my" country. 

[Bangkok Barry]

I'd like to know how they calculate the inflation rate. On the food items I buy - pork, chicken and potatoes - the increase over the past few months has been between 60 and 120%.

[AnotherFarang8]

6 hours ago, xtrnuno41 said:

AH, so what. Inflation in "my" country is already 12 %.

We are on top of the list paying for petrol. 2.50 euro/ltr. Wished i could pay like Americans only 1.26 euro/ltr or for that matter what they pay in Thailand.

And then im not even talking about electricity, gas and all other things which became very expensive. Even now the middle class payed people have problems with living. Our government is doing real well, NOT.

They dont give a damn about their inhabitants, only money for them.

So they can spend 150 million euro on a old painting. Yeah thats "my" country. 

Europe is on the steep economic suicide trajectory. ECB gathered today out of schedule and the outcome statement suggests their determination to fight inflation is waning fast if there ever was one. Basically it means they stand ready to quench fire by adding more fuel from the money hose. Thai baht will do better than Euro under these events, Thailand exports a lot of goodies others want to buy.

[RafPinto]

12 hours ago, AnotherFarang8 said:

Europe is on the steep economic suicide trajectory. ECB gathered today out of schedule and the outcome statement suggests their determination to fight inflation is waning fast if there ever was one. Basically it means they stand ready to quench fire by adding more fuel from the money hose. Thai baht will do better than Euro under these events, Thailand exports a lot of goodies others want to buy.

ECB can't do a lot.
This will suffocate Italy, Spain, Portugal and even France is not doing well.