Target headline inflation in Thailand set at 1-3% for 2023
The Cabinet has okayed targeted headline inflation in the range of 1-3% for 2023, the same as it did for this year.
A Government House source said on Tuesday that the Cabinet had been informed by a central bank representative that though the actual headline inflation this year was higher than targeted, it was temporary due to rising energy prices.
The source quoted the central bank’s representative as saying that global energy prices had risen due to the Russia-Ukraine war and the global economic fallout of the Covid-19 pandemic.
The Bank of Thailand representative also assured the Cabinet that the situation will improve next year, prompting the decision to set the targeted inflation rate at 1-3%.
The central bank has reported that the headline inflation for November stood at 5.55%. In October, the Commerce Ministry announced that the 12-month average headline inflation from October 2021 to September 2022 was 5.23%.
Headline inflation is a measure of total inflation in an economy, including the price of commodities like food and energy, which are more volatile and prone to inflationary spikes.
