In March, Thailand’s inflation saw its highest monthly jump in 13 years, rising to 5.73% year on year. That’s according to the Commerce Ministry’s Office of Trade Policy and Strategy, which pins the blame on the war in Ukraine, which has pushed up fuel, food and electricity prices.
This unexpected turn of events has caused the office to adjust its figures for the year, which they had hoped would be one of recovery for the languishing Thai economy after two years of pandemic. In response, the office has increased its 2022 inflation projection to 4.5% from 0.7%-2.4%, after recording an average monthly inflation rate of 4.75% in the first quarter. The new projection was set assuming a growth rate of 3.4-4.5%, a crude oil price average of 90-110 USD a barrel, and a THB-USD exchange rate of 32-34 baht per dollar.
Meanwhile, consumers are feeling the real-world bite of a higher…
