In February, global oil prices experienced a decline, resulting in a drop in consumer product prices in Thailand. This has had a significant impact on the country’s inflation rate, which is now the second-lowest among its ASEAN peers and ranks 20th-lowest in the world.
According to the government spokesperson, Anucha Burapachaisri, inflation in Thailand was 3.79% last month. However, he added that the tendency is for inflation to continue to ease, with the country’s inflation rate remaining low compared to other nations in the region.
The spokesperson attributed the decline in inflation to the reduction in fuel prices due to falling global oil prices. Additionally, many categories of fresh food products have experienced a price drop, including rice, pork, chicken, eggs, vegetables, and fruit.
Moreover, ingredients such as vegetable oil have also experienced a decrease in price due to the reduction in raw material costs. As a result, the Ministry of Commerce has retained its forecast for headline inflation in the range of 2-3% for this year, which corresponds with the current economic situation in Thailand.
Anucha noted that the government has taken measures to maintain a balance between addressing consumer product prices and energy prices while ensuring that inflation remains at an appropriate level for the public’s benefit. The government will continue to closely monitor the inflation situation to maintain this balance.
The low inflation rate in Thailand is good news for consumers as it indicates that the cost of living is relatively stable. This stability is vital, especially during challenging economic times, as it helps individuals and businesses plan their finances with more certainty. The government’s efforts to balance consumer product and energy prices while monitoring inflation will help sustain this stability and ensure the country’s economic growth.
