Inflation decreases for the first time in 25months

Editorial Staff

Inflation decreases for the first time in 25months

The headline inflation decreased by 0.31% (YoY) for the first time in 25 months as a result of government measures.

Mr. Poonpong Naiyanapakorn, the director of Trade Policy and Strategy Office, revealed that the consumer price index (CPI) in October 2023 was 107.72. Comparing to October 2022 (108.06), The headline inflation decreased by 0.31% (YoY) for the first time in 25 months. This resulted from a decrease in the prices of energy and several products due to the government measures.

Thailand's inflation rate in September 2023 which increased by 0.30% (YoY) compared to other countries showed that Thailand remained in the low inflation rate group.

The headline inflation rate in October 2023, which decreased by 0.31% (YoY), was contributed by the prices of goods and services, food and non-alcoholic beverages category decreased by 0.65% (YoY).

The Consumer Price Index in October 2023, when compared to September 2023,
decreased by 0.28% (MoM). For non - food and beverages category, there was an 0.61% decrease in prices, primarily driven by price changes in energy (electricity and all types of fuel), and
For the average consumer price index over 10 months (January - October 2023) compared to the same period in 2022, it increased by 1.60 (AoA).

The headline inflation in November 2023is expected to decrease slightly compared to
November 2022, mainly due to price changes in the food category (meat, seasonings) and
the energy category (electricity, fuel).

For the reason above, the ministry of commerce predicts that the headline inflation
for 2023 will be between 1.0% and 1.7%, with an average of 1.35%.

The overall consumer confidence index for October 2023 slightly increased from 55.7
in September 2023 to 55.8. This marks a continuous increase for 3 consecutive months and has been above the confidence level for the11th consecutive month (since December 2022).
The increase resulted from an ongoing economic recovery, driven by both tourism and exports, which have continued to expand for 2consecutive months.