Inflation ran at 7.10% in May as the prolonged Russia-Ukraine war considerably raised the prices of oil and fresh food worldwide, according to the Trade Policy and Strategy Office.
TPSO director-general Ronnarong Phoolpipat said the consumer price index was at 106.62 in May (compared with 100 in 2019). The headline inflation was up by 7.10% from a year earlier. Like other countries, inflation in Thailand increased because demand rose in line with economic recovery, supplies were tight and international boycotts worsened imbalance between supplies and demand.
Inflation was likely to go up continuously in June because oil prices were high compared with the corresponding period of last year, the local diesel price cap was raised, the gradual increase in the cooking gas price was set to continue this month and the fuel tariff of electricity would rise, Mr Ronnarong said.
However, the Ministry of Commerce expected the headline inflation would run at 4.0-5.0% throughout this year and the range would suit the present situation, he said. (TNA)
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