XINHUA – Thailand’s headline inflation growth slowed to a four-month low in August, mainly due to elevated food prices as flooding in some agricultural areas led to a decline in crop yields, official data showed yesterday.
The consumer price index (CPI) rose 0.35 per cent last month from a year earlier, easing from a 0.83-per-cent increase in July, according to the Ministry of Commerce.
The August inflation rate was below the Bank of Thailand’s target range of one to three per cent for the third straight month.
The core CPI, which excludes raw food and energy prices, increased 0.62 per cent year on year in August, accelerating from a 0.52-per-cent gain in the previous month.
For the first eight months of 2024, the headline CPI rose 0.15 per cent compared to the same period last year. Headline inflation growth in September is expected to quicken from August owing to a higher price ceiling for diesel, short-term impacts from flooding leading to rising fresh vegetable and fruit prices, and geopolitical tensions affecting key commodity prices, said director general Poonpong Naiyanapakorn of the ministry’s Trade Policy and Strategy Office. However, lower electricity prices resulting from government measures, along with increased competition among domestic wholesalers, retailers and e-commerce channels leading to a continuous drop in prices for various products, are expected to contribute to slower inflation growth, Poonpong told a news conference.
The official also noted that the commerce ministry maintains its headline CPI projection for 2024 at zero to one per cent.
