Thailand’s inflation rate in November increased for the third consecutive month to 2.71%, thanks to the increase in grocery and fuel prices. The government’s trade policy agency now expects next year’s inflation to stay within the margin of 0.7-2.4%.
Trade Policy and Strategy Office (TPSO) Director-General Ronnarong Phoolpipat said the rise in the November Consumer Price Index, which is regarded as the inflation rate, can be attributed to higher prices of fuel and consumer goods including non-alcoholic drinks, vegetables, and pork.
The inflation rate is calculated based on the prices of 430 items. And as many as 235 items were sold at a higher price in November, including cooking oil and coriander.
The pricing of 68 items remained stable and that of the remaining 127 items including rice and electricity was lower.
The inflation rate from January to November 2021 saw an average 1.15% increase, which was well within the 0.8-1.2% margin projected by the Ministry of Commerce.
The office now expects the country’s inflation rate to fluctuate between 0.7 and 2.4% in 2022, amid a potential spread of the Omicron COVID-19 variant which could necessitate the reintroduction of disease control measures.