January inflation highest in last eight months
The consumer price index representing the cost of inflation stood at 102.78 points in January, 1.05 per cent more than in December and the highest in eight months, Pimchanok Wonkorporn, director of the Trade Policy and Strategy Office, reported this week.
She attributed the increase to a hike in fresh food prices during the Chinese New Year holiday and a rise in energy prices.
Inflation rose by 1.82 per cent for foods and non-alcoholic beverages and by 8.31 per cent for flour and flour products.
Other price increases:
• 3.53 per cent for meat, chicken, duck and fish
• 3.5 per cent for fruit
• 1.52 per cent for eggs and dairy products
• 1.95 per cent for non-alcoholic and sweetened beverages, soft drinks and chocolate-flavoured drinks
• 0.8 per cent for seasonings
• 0.62 per cent for items other than food and beverages
• The price of vegetable dropped 5.42 per cent due an ample supply.
Pimchanok said the rate of inflation was calculated based on the process of 422 products. “Of those, 238 products increased in price, 106 decreased and 78 stayed the same,” she added.
She acknowledged that the coronavirus situation would hurt tourism and curb consumer spending in the first half of the year.
Drought is another factor in inflation that’s being monitored.
“It has cut into production of farm produce and increased prices,” she said.
Pimchanok predicts an inflation rate of 0.8 per cent for in the first quarter and between 0.4 and 1.2 per cent for the full year, for a 0.8 per cent average.
