Thailand’s inflation rate is the highest in 14 years

Global inflation, accelerated by Russia’s invasion of Ukraine and supply chain turmoil, has jeopardized economic growth plans, as countries around the world have begun to shift their focus from Covid-19 to a post-pandemic recovery.

Thailand’s 7.1% inflation is the highest in 14 years, the prime minister Prayut Chan-Ocha Over the next few months, we plan to raise $ 722 million from a profit-sharing system with oil refiners to continue funding our fuel subsidy program.

Soaring energy prices and soaring raw material prices make it difficult for manufacturers and retailers to respond to surges in operating costs without adjusting prices.

Price of liquefied propane gas 15kg cylinder (LPGFor example, it increased from 318 baht in April to 363 baht in June. ThaiPBS..

According to the Bureau of Trade Policy and Strategy, inflation in May rose 7.1% year-on-year to its highest level in 14 years. The rate accelerated from 4.7% in April.

Inflation could accelerate in June as continued rises in fuel prices raised transportation and logistics costs, and weaker baht pushed up prices for imported raw materials and products, said Ronnarong Phoolpipat, director of trade policy strategy. rice field Bloomberg..

Overall economic growth remains high after the pandemic, but inflation is affecting all Southeast Asian countries.

Inflation rate in the Philippines, 5.4%Best in over 3 years, already violation Inflation target of 2-4% set by the country’s central bank.

Given its reliance on imports, Singapore is recovering from the impact of rising food and fuel costs. Food prices will rise 4% from June 2021 and the rate could double to 8% by the end of this year.The current rate is 5.4%3 percent higher than last year.

Global developments, including the Federal Reserve’s decision to raise US interest rates to combat inflation, will complicate regional recovery in uncertain ways. But it is clear that Southeast Asia, like the rest of the world, will tackle rising inflation for some time to come.