The pace of rising consumer goods prices continues to slow or even reverse compared to last year, resulting in lower inflation rates. In June 2023, inflation increased by just 0.23%, reflecting the government’s efforts to manage and reduce commodity prices.
Caretaker Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said the inflation rate in June 2023 was the lowest in 22 months, marking a continuous decrease over six consecutive months. It also ranks as the fourth lowest among the 49 economic zones in ASEAN that have already announced their figures.
Commodity prices in the essential foods category have continued to decrease, including for red meat, which is down by 27% to 136 baht per kilogram. Chicken leg prices have also fallen by about 6%, with several vegetables seeing price cuts as well. The price of Urea fertilizer has decreased by 35% from last year’s price of 1,600 baht per sack, and now stands at just 760 baht. Furthermore, the price of 21-0-0 fertilizer formula for oil palm trees has decreased by 50%, from 1,050 baht per sack to just 520 baht.
For agricultural goods, the prices of rice, cassava, oil palm, animal feed corn, large onions, shallots and garlic, as well as fruits from the Eastern region at the end of their season and those from the Southern region that are just entering the market, are lower than the previous year.
This could become a golden year for Thai fruits, reflecting the government’s ability to effectively manage the inflation rate and prevent any products from abnormally increasing in price. (NNT)
