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Friday, March 29, 2024

Inflation rate poised to slow to 2-3% in 2023

An egg vendor prepares his wares at Sri Kema Market in Bangkok’s Bang Sue district, following an increase in the price of eggs in August 2022. (Photo: Pornprom Satrabhaya)

Thailand’s inflation rate is expected to slow to 2-3% this year after soaring to a 24-year high last year, driven mainly by rising energy prices.

The Commerce Ministry on Thursday reported headline inflation, gauged by the consumer price index (CPI), rose by 6.08% in 2022 from a year earlier, which was close to the projection (between 5.5%-6.5%, with an average of 6%).

The main contributors were rising energy prices following limited production controlled by oil-producing countries and the Russia-Ukraine war which led to a tight supply of energy and finally…

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