Many people may have guessed that the main reasons for the high inflation are the price of oil and the energy that impacts on goods and services. But will there be any other products that will cause inflation to rise like this? Let’s take a look.
On June 6, 2022, the TPSO revealed that the inflation rate in May 2022 compared to the same month of the previous year, increased 7.10% (YoY). In April 2022, the inflation rate increased by 4.65 percent.
TPSO reveals that the main reasons are energy and food prices. The energy products increased by 37.24% due to rising fuel prices in line with the global energy situation. The cancellation of the cooking gas price fixes, the price gradually increased like a ladder. This will continue until June 2022, including the Fuel Adjustment Charge (at the given time) (Ft) in May-August 2022 for food and non-alcoholic beverages. Prices have increased in almost every product category.
The main products that increased in price were pork, fresh chicken, eggs, fresh vegetables, and food ingredients, following the increase in production costs.
There are important items that have dropped in price, including rice, clothing, and education fees. After deducting fresh food and energy, core inflation expanded at 2.28 percent and averaged 5 months (Jan.-May) 2022, Headline inflation rose 5.19 percent (AoA) and core inflation was 1.72 percent (AoA).
TPSO revealed that the consumer price index classified by region, that the consumer price index in all sectors compared to the same month of the previous year grew at an increased rate. The inflation rate in the south is higher than in other regions by 7.95%. followed by the central region, the northern region, and Bangkok and its vicinities increased by 7.40 percent, 6.98 percent, and 6.85 percent, respectively, while the northeastern region increased at a slower rate, at 6.53 percent. including electricity, fuel, convenience food, pork, and vegetable oil. The main products that have reduced prices in every region are rice, fresh vegetables such as ginger, white cabbage, and long beans.
However, inflation is expected to continue to rise. And it will get better next year. Don’t forget to take into account higher expenses to fit income and the current situation as well.
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