Inflation in November hit a 23 month high

 

 

BANGKOK, 1 December 2016 (NNT) – The Ministry of Commerce has reported inflation in November rose to a 23 month high on positive economic cues and is confident the rate will grow by a projected 0-1 percent for the entire year. 

The Commerce Ministry has made known November’s Consumer Price Index (CPI) or Inflation Rate rose 0.6 percent year-on-year to 106.79, hitting its highest point in 23 months. The figure was propped up by rising fresh food prices affected by the volatile weather as well as hikes in tobacco and alcoholic beverages. 

Recovery in household spending, manufacturing and farmer income were also attributed to the high rate. 

Across the year’s first 11 months, inflation rose 0.1 percent, staying within the ministry’s 0-1 percent. Nonetheless, the ministry has acknowledged the rate will move further up in the final month of the year due to government stimulus measures and increased household spending. 

In 2017, it is expected the inflation rate will rise 1.5-2 percent on an economic growth projection of 3-3.5 percent, Dubai Crude remaining in a range of 45-55 USD per barrel and the Thai baht maintaining a value of 35.5-37.5 to the US Dollar. 

On an adjustment to the minimum wage rate on January 1 2017, the Ministry of Commerce estimates it will push inflation up 0.2 to 0.35 percent, a nominal overall impact that should not result in effects to living costs.

 

-- nnt 2016-12-01

 

 

i  often  wonder  how  many ministries Thailand has......................life's  dull occasionally

1 hour ago, kannot said:

i  often  wonder  how  many ministries Thailand has......................life's  dull occasionally

 

Well, there must be enough lucrative jobs for acolytes, sycophants, brothers-in-law, nephews, cousins, uncles and aunts and other assorted "professionals". So the more ministries, the better, I guess.

1 minute ago, Misterwhisper said:

 

Well, there must be enough lucrative jobs for acolytes, sycophants, brothers-in-law, nephews, cousins, uncles and aunts and other assorted "professionals". So the more ministries, the better, I guess.

Id  suggest a ministry of stupidity, they could employ vast swathes of...................

Food in Thailand is more expensive than in Europe when comparing local foods.

 

How much of your weekly shop of foods made in Thailand from Thai grown ingredients goes to a general's bank account, if by a circuitous route. How much is profiteering due to the suppression of the competitive market? Has the situation worsened under the current regime? If so, this would push inflation higher.

4 hours ago, kannot said:

i  often  wonder  how  many ministries Thailand has......................life's  dull occasionally

Fair question. I least we know the PM is Minister for footpaths and exercising. The other question is how many Deputy PM's does Thailand have? Any advance on three?

 

For people who have some economic education this message is rather incomprehensive. It is a mixup of inflationnumbers and Gross Domestic product.

Next to that look at the text

:The Commerce Ministry has made known November’s Consumer Price Index (CPI) or Inflation Rate rose 0.6 percent year-on-year to 106.79, hitting its highest point in 23 months. The figure was propped up by rising fresh food prices affected by the volatile weather as well as hikes in tobacco and alcoholic beverages

Inflationrate on a year on year base of 0,6%. Starting with 100 % plus 0,6%  is 106,7??  And even if you take 23 months you can not get at 106,7!!

 

Another question remarkable statement is the following:

On an adjustment to the minimum wage rate on January 1 2017, the Ministry of Commerce estimates it will push inflation up 0.2 to 0.35 percent, a nominal overall impact that should not result in effects to living costs.

 

The ministry earlier informed us that the rise in the minimumwage would not have an impact on the prices . The impact of the rise of the minimum wage  on productioncost would be alsmost zero. So, no rising prices would be accepted by the governement.  Now they inform us that the impact of the rise of minimum wage  is 0,2 to 0,35%!

 

Indeed, teh problem is that every ministry has its own opinion about alle affairs that relate to the ministry and that the difefrent ministries publish different opinions. A little bit confusion!

 

Reading this report it almost feels that the reporters  are suggesting an increasing CPI is a good sign.

11 hours ago, Brer Fox said:

Fair question. I least we know the PM is Minister for footpaths and exercising. The other question is how many Deputy PM's does Thailand have? Any advance on three?

 

As of August 2015 there were 34 members of the PM's cabinet including 19 civilians, 14 retired and current military officers, and a retired police general. Six  members are DPM's.

http://news.thaivisa.com/thailand/thai-premier-retains-his-faith-in-generals/112275/

http://asiagroupadvisors.com/wp-content/uploads/2016/03/Asia-Group-Advisors-Brief-on-Thailand-Cabinet-Reshuffle-21-August-2....pdf

 

Compare this to the USA that has a cabinet consisting of a vice president (similar to a DPM) and 15 cabinet secretaries (similar to ministers) with no current military officers.

6 minutes ago, maoro2013 said:

Reading this report it almost feels that the reporters  are suggesting an increasing CPI is a good sign.

 

This good sign is propagated by graduate studies of the West...

Farmers income contribute to inflation? Selling rice at record low prices and farmers income has increased to fuel inflation? Don't think so. This government need a new crop of macro-economists! Of course who knows what is truth, semi- truth or entirely b's from this govt announcements.