Thai Inflation Rate Ranks 2nd Lowest in ASEAN

[webfact]

 

by Paul Rujopakarn
    
BANGKOK (NNT) - Global oil prices declined in February, which has helped bring down the prices of consumer products in Thailand. Thailand’s inflation rate is now the second-lowest among ASEAN peers and the 20th-lowest in the world.

 

Government Spokesperson Anucha Burapachaisri spoke about the inflation situation last month, when inflation in Thailand was 3.79%, saying the tendency is for inflation to continue to ease. Inflation in Thailand is the second-lowest in the ASEAN region and the 20th-lowest in the world.

 

The spokesperson explained that the decline in inflation resulted from the easing of fuel prices amid falling global oil prices. Prices in many categories of fresh food products have also fallen, including those for rice, pork, chicken, eggs, vegetables, and fruit.

 

Prices of ingredients such as vegetable oil have also dropped due to a decline in raw material costs. The Ministry of Commerce is currently retaining its forecast for headline inflation in the range of 2-3% this year, which it says corresponds with Thailand’s current economic situation.

 

Anucha noted that the government has sought to maintain a proper balance as it addresses issues of consumer product prices and energy prices. It has also worked to keep inflation at an appropriate level for the benefit of the public and will continue to closely monitor the inflation situation.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG230411121338001

 

-- © Copyright NNT 2023-04-11

 

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[StayinThailand2much]

Not my experience. The prices of groceries I buy have risen by a third to a half over the past 6 months (either directly in price, via reduced item size, or both).

Edited April 11, 2023 by StayinThailand2much

[John Drake]

Chicken is still going up.

[StayinThailand2much]

54 minutes ago, John Drake said:

Chicken is still going up.

Imports from the UK, where it says "98p" on the can, cost 128 to 140 baht here!

Edited April 11, 2023 by StayinThailand2much

[nigelforbes]

6 minutes ago, StayinThailand2much said:

Imports from the UK, where it says "98p" on the can, cost 128 to 140 baht here!

Imported goods incur shipping and customs duty, aka a Customs import charge, sometimes that can amount to over 100%.

[John Drake]

18 minutes ago, StayinThailand2much said:

Imports from the UK, where it says "98p" on the can, cost 128 to 140 baht here!

I like Tex-Mex. And the imported ingredients for it have skyrocketed. Herb's Salsa, from 156 baht to 221 baht. CC's tortilla chips, from 99 baht to 169 baht. Some, like Mission and Old El Paso, have only raised prices about 20 baht per item, but they have re-sized their products into smaller units. Fortunately, there is at least a local alternative for fresh corn and flour tortillas with the Danitas brand, although their chips are terrible. Best Chips in Thailand are El Sabor's Big Nacho, which has only increased about 10 baht. 

[dinsdale]

Great article. I'm 100% sure that the majority of Thais would agree. Utter pre-election propagana.

[nigelforbes]

2 minutes ago, John Drake said:

I like Tex-Mex. And the imported ingredients for it have skyrocketed. Herb's Salsa, from 156 baht to 221 baht. CC's tortilla chips, from 99 baht to 169 baht. Some, like Mission and Old El Paso, have only raised prices about 20 baht per item, but they have re-sized their products into smaller units. Fortunately, there is at least a local alternative for fresh corn and flour tortillas with the Danitas brand, although their chips are terrible. Best Chips in Thailand are El Sabor's Big Nacho, which has only increased about 10 baht. 

Imported goods are paid for in USD which was very strong up until December last year. Imported goods reflect their import price, not the current exchange rate. Imported goods are ordered and paid for months in advance. What you are seeing now on super market shelves is 3 and 6 month old pricing. https://www.xe.com/currencycharts/?from=USD&to=THB&view=2Y

 

[StayinThailand2much]

42 minutes ago, nigelforbes said:

Imported goods incur shipping and customs duty, aka a Customs import charge, sometimes that can amount to over 100%.

Yes, but the point is that they now also cost much more than six months ago...

[nigelforbes]

3 minutes ago, StayinThailand2much said:

Yes, but the point is that they now also cost much more than six months ago...

As I pointed out above, USD has been very strong up until December and export bills are settled in USD. Plus the value of GBP/THB involves USD. Some amount of the increase will no doubt be gouging in in some areas but much of it can be explained away by USD strength and timing.

Edited April 11, 2023 by nigelforbes

[dinsdale]

51 minutes ago, nigelforbes said:

As I pointed out above, USD has been very strong up until December and export bills are settled in USD. Plus the value of GBP/THB involves USD. Some amount of the increase will no doubt be gouging in in some areas but much of it can be explained away by USD strength and timing.

Well when I go shopping (not for imported goods) the exchange rate doesn't come into mind usually. Things have gone up and everyone (except those who don't care because they have lots of money) know this to be a fact. Having the 2nd lowest inflation rate does not mean there is low inflation. As I said above this is just pre-election propaganda. It's a deflection. As for price gouging IMO this is global crime just look at the energy sector. All time high prices and all time high profits. It's an interseting fact that in a depression the rich get richer.

Edited April 11, 2023 by dinsdale

[hotchilli]

17 hours ago, webfact said:

Global oil prices declined in February, which has helped bring down the prices of consumer products in Thailand.

I hadn't noticed that bit?

[hotchilli]

15 hours ago, John Drake said:

Chicken is still going up.

Eggs and beer up this week.

[Cake Monster]

This Guy Anucha and his cronies need to get out more and do some actual " hands on, wallet open " research

Global Oil prices did fall for a short while about 3 weeks ago to$80/ Barrel, but since have risen again to about $85 Barrel because OPEC cur production by 1 M Barrels per day to maintain the price.

[John Drake]

5 hours ago, hotchilli said:

Eggs and beer up this week.

Just got back from stocking up on things in preparation for holing up for Songkran. Everything I buy was up, up, up. Yes, eggs. Don't drink beer, but Coke Zero up marginally from last week. Also chicken again higher, bread higher, tomatoes, bell peppers, onions, fresh garlic, all higher than two weeks ago. This is all Thai produce. No imports, except maybe the tomatoes, which might come from Malaysia.

[hotchilli]

59 minutes ago, John Drake said:

Just got back from stocking up on things in preparation for holing up for Songkran. Everything I buy was up, up, up. Yes, eggs. Don't drink beer, but Coke Zero up marginally from last week. Also chicken again higher, bread higher, tomatoes, bell peppers, onions, fresh garlic, all higher than two weeks ago. This is all Thai produce. No imports, except maybe the tomatoes, which might come from Malaysia.

And they say inflation is under control or even on the decline.. 

Not where I go shopping it isn't, it's still rising.

[rabiedabruce]

21 hours ago, dinsdale said:

It's an interseting fact that in a depression the rich get richer.

Which was/is the reason for the entire recent enterprise.

[Maybole]

13 hours ago, hotchilli said:

I hadn't noticed that bit?

The pump price of fuel has not changed in at least 3 months

 

[nigelforbes]

5 minutes ago, Maybole said:

The pump price of fuel has not changed in at least 3 months

 

That's because the government Fuel Subsidy Fund absorbs the fluctuations in the oil price.

[hotchilli]

7 hours ago, Maybole said:

The pump price of fuel has not changed in at least 3 months

 

It's subsidised by the government.

[nigelforbes]

18 minutes ago, hotchilli said:

It's subsidized by the government.

Not exactly correct. The Fuel Subsidy Fund is organized and operated by the government but it is designed to be self sustaining. When the price of oil on the open market is low, the retail price of fuel is increased so consumers pay more than they ordinarily would have and the extra payment  replenishes the fund.  When oil prices are high, the fund subsidizes retail prices. During covid, the fund was mostly operating in subsidy mode which means it incurred large debts and loans to the fund had to be arranged, ultimately those loans will be repaid by the consumer in the form of higher prices. It's a levelling exercise as much as anything.