inflation
- Business News
Bank of Thailand raises key interest rate amid inflation risks
The Bank of Thailand announced a 25 basis point increase in its key interest rate, bringing it to 2%. This marks the sixth consecutive meeting where the central bank has raised the rate, with a total increase of 150 basis points since August last year. The decision was unanimous among the Monetary Policy Committee members and in line with the expectations…
- Business News
Bank of Japan to maintain ultra-loose policy, downplays change expectations
The Bank of Japan’s Governor, Kazuo Ueda, has stated that the central bank will continue to maintain its ultra-loose monetary policy, as there remains a significant gap to achieve the 2% inflation target sustainably. Ueda’s comments downplay the expectations of a policy change in the near future. He told parliament, “We expect inflation to quite clearly slow below 2% toward…
- Business News
Diesel prices dip amid global economic recession fears and interest rate hikes
On Monday, Diesel prices have fallen to around 32 baht per litre, as global crude oil prices continue to decline amidst concerns about an economic recession. The Oil Fuel Fund Office (Offo) has attributed this decrease to economic contraction, resulting from central banks’ interest rate hikes. As central banks, including the Federal Reserve and the European Central Bank (ECB), continue…
- World News
Argentina hikes interest rate to 97% amid soaring inflation and election
Argentina’s central bank has raised its base interest rate by six points to 97% to combat soaring inflation, which reached nearly 109% year-on-year in April. This marks the second increase in less than a month, as the government plans to announce a series of measures to address the economic crisis ahead of the General Election in October. The central bank…
- Asia
South Korea to raise electricity and city gas prices amid high inflation and cost of living
South Korea announced today that it will increase electricity prices by 5.3% in an effort to partly account for rising generation costs. This decision, initially slated for implementation on April 1, was postponed by over a month due to concerns about the potential impact on already high inflation rates and the cost of living. This will be the second electricity…
- Business News
Thai food exports forecast to grow despite challenges
Despite economic uncertainties, inflationary pressures, foreign exchange fluctuations, and rising production costs, Thai food exports are predicted to grow by 2.1% to 1.5 trillion baht this year. The main factors supporting this outlook include the government’s policies to stimulate economic growth, the country’s reopening after the pandemic, global supply chain shortages, increased concerns about food safety, and the high-quality standards…
- Business News
Philippine annual inflation on track for government target as food prices ease
Philippine yearly inflation is predicted to remain within the government’s 2% to 4% target range in Q4, following a decrease in April due to reduced food prices. The consumer price index increased by 6.6% YoY in April, the lowest rate since August, and lower than the 7.0% predicted in a Reuters poll. As a result, the Bangko Sentral ng Pilipinas…
- Business News
US Federal Reserve considers final interest rate hike to tackle inflation
The US Federal Reserve has commenced a two-day meeting to determine if it will raise its benchmark lending rate for possibly the last time in this campaign, in an effort to tackle persistent inflation. Since March of last year, the Fed has embarked on a bold series of interest-rate hikes to address inflation, which currently stands at 5%, significantly higher…
- Business News
Pakistan inflation reaches record high due to soaring food prices
Inflation in Pakistan escalated to a record 36.4% in the year to April, primarily driven by food prices, making it the highest rate in South Asia and marking an increase from March’s 35.4%, according to the country’s statistics bureau. In rural areas, food inflation reached 40.2%, while for both rural and urban regions, it climbed to 48.1% – the highest…
- World News
Bank of Japan reviews monetary easing measures under new governor
The Bank of Japan (BOJ) has announced plans to review its longstanding monetary easing measures, while also stating that it will maintain them for now. This marks the first policy decision under the new governor, Kazuo Ueda. Analysts suggest that the central bank’s stimulus measures, in place for a decade, are becoming increasingly unsustainable. The BOJ issued a statement after…
- Thailand News
Spending on IT in Thailand to grow 4%
Spending on IT in Thailand is expected to grow by more than 4% in 2023, slightly slower than last year and weighed down by a projected contraction in spending on new phones. Growth this year is projected to be almost twice the global rate of 2.4%. John-David Lovelock of the research firm Gartner said… “Inflation, skills shortages and supply chain…
- Asia
Philippine senators angry onion-smuggling bust is too small
Government officials in the Philippines are angry that the Bureau of Customs (BOC) are wasting time and resources making a big show out of busting airline crews for smuggling 15.5 kilogrammes of onions into the country. What do they want officials to be focusing on – drugs, weapons, and other contraband? No, just BIGGER onion smugglers. The BOC came under…
- Tourism News
4 million Thais to travel during 5-day ‘long weekend’ – TAT
The main factors affecting Thais travelling during this long holiday period between July 13 and July 17 continue to be the local high inflation and expensive petrol prices (also affecting airline prices). During the holidays, it’s predicted that there will be nearly 4 million Thais travelling around the country, spending an estimated 14 billion baht. With the current spike in costs,…
- Economy News
Thailand Post increases rates, pilots 24-hour delivery services
The good news is that Thailand Post will begin 24-hour delivery services, but the bad news is that mail rates have gone up. The new round-the-clock delivery and pick-up service will begin as a pilot project from Thailand Post’s main sorting facility in Chaeng Wattana servicing Laksi, Pak Kret, and Ram Inthra areas. The rate hike is the first in…
- Tourism News
Ferries to Koh Pha Ngan is costing 40% more (and the other islands too)
Business owners on Koh Pha Ngan are demanding cheaper ferry charges after they increased by more than 40% since the start of July, impacting businesses and living expenses. For the average car, the ferry service from Don Sak dock to Pha Ngan with the Raja Ferry increased from 620 baht to 900 baht as of July 1. The Raja Ferry…
- Economy News
Price of made-to-order food surge in Thailand
Price inflation continues to rear its head in Thailand and across the globe. The latest item to get more expensive is made-to-order food. The average price per dish of made-to-order food bumped up by about 3.7 baht or 6.7% in May, according to a year-on-year comparison by the food delivery app Line Man Wongnai. The report said that dishes with…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- Economy News
Thailand plans to negotiate with Saudi Arabia over fertiliser
Thailand is suffering a fertiliser shortage, with the country’s farmers bearing the high costs of imported fertilisers. Now, the Chamber of Commerce plans to negotiate with Saudi suppliers. Saudi Arabia recently allowed 2 of its suppliers to sell fertiliser to Thailand, according to Thai Commerce Minister Jurin Laksanawisit. The International Trade Promotion Department is scheduled to hold a business matching…
- Economy News
In midst of price inflation, Thailand to freeze prices on dozens of products
In the midst of the world’s overwhelming price inflation, Thailand plans to freeze the prices of 46 items. The items are grouped into 9 categories, which are: paper and paper products, transport-related products, farm-related products, petroleum products, medicines, construction materials, “important” farm products, consumer products and food. The items include bicycle and car tires, motorcycles and trucks, water pumps, fertiliser,…
- Property News
Real estate market to experience inflation price hikes
Rising inflation and interest rate hikes are expected to impact demand for real estate and mortgages in Thailand this year due to the price of new homes rising in parallel with the cost of construction materials, according to the Housing Finance Association. The government’s reaction to the outbreak of Covid-19 has had a major impact on the real estate market…
- Economy News
Commerce Ministry promise to keep consumer products under control during high inflation
The Commerce Ministry says it will work hard to keep consumer goods as affordable as possible without neglecting the demands of manufacturers. The ministry believes it has created a “win-win” strategy in which consumers, businesses, manufacturers, and farmers can all benefit, according to commerce minister, Jurin Laksanawisit. “If manufacturers suffer huge losses, they will stop producing. We ask for cooperation…
- Economy News
Thai stock market is a favorite among foreign shareholders
Last month, foreign investor confidence in Thai stocks stayed strong, with the kingdom’s stock exchange recording net inflows of nearly 140 billion baht for the sixth month in a row. International investors believe that any food shortages will have a minimal effect on the Thai economy and that the tourism sector will rebound in the second half of 2022, according…
- Thailand News
Restaurant in northern Thailand promises to sell 3 baht noodles despite inflation
A restaurant in the northern province of Chiang Mai promises to keep serving 3 baht noodles, despite the cost of ingredients being higher than ever. The restaurant’s owner Thawat Pirata said he hasn’t increased the price of noodles in 34 years and doesn’t plan to. The 64 year old owner of noodle shop Kway Teow Sam Baht – or “3…
- Asia
Laos experiencing a petrol crisis due to high inflation
The Lao government denied there was a national petrol crisis despite calling an emergency meeting and hours’ long queues witnessed throughout the country’s filling stations. The government, who import the majority of its petroleum from Thailand, scheduled an emergency meeting to discuss the country’s inflation, panic buying and why a large number of petrol stations were closed last week in…
- Property News
Inflation forces real estate developers to readjust prices
To compensate for the sluggish real estate market after prices have risen due to higher costs caused by the Russia Ukraine war, real estate developers should downsize unit sizes and readjust some features. Furthermore, in order to avoid incurring greater costs as a result of the new tax, real estate developers will be more selective when purchasing property for their…
- Video
Thailand News Update | Major drug bust in Thailand’s north
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. The FTI was responding to a letter submitted to the government…
- Expats
How are expats coping with Thailand’s rising cost of living? – VIDEO
Sunday Thailand news update. Tim goes through the main headlines of the day then takes your questions and comments in our new weekend Thaiger Weekend Update. The main topic is the rising cost of living in Thailand and if it’s going to push out more expats who are on fixed incomes. But where will they go? An hour of the…
- Video
Thailand News Update | Trucker protests return & Thailand Pass to End?
The cancellation of Thailand Pass registration could take place as early as June 1, according to the Tourism and Sports Ministry. With Thailand Pass gone tourists would go back to using their TM6 immigration arrival forms for vaccine declaration. Earlier projected dates of July 1 to drop the much-debated Thailand Pass could happen a month earlier if the CCSA accept…
- Transport
Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
- Economy News
Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
- News
Thai government to control inflation prices for consumer products
As the Thai government attempts to control inflation, the PM Prayut Chan-o-cha says that there must be no shortages of consumer products or outages, and the prices must not be too expensive. The world wide inflation problems have been created by government’s artificially over-heating economies with quantitative easing rising energy and commodity prices and exacerbated by the ongoing Russia-Ukraine war.…
- Video
Thailand News Update | Thailand’s inflation highest jump in 13 years, 5.7% year on year.
Thai billionaire Dhanin Chearavanont, senior chairman of CP Group, Thailand’s largest private company, has dropped from number 103 in last year’s ranking of Forbes’ new World’s Billionaires to number 137. Tesla CEO Elon Musk has topped the list for the first time. He ranks Number 1 with an estimated net worth of US $219 billion. This year, the total net…
- Thailand News
Thailand inflation jumps 5.7 percent in March, hits consumers’ wallets hard
In March, Thailand’s inflation saw its highest monthly jump in 13 years, rising to 5.73% year on year. That’s according to the Commerce Ministry’s Office of Trade Policy and Strategy, which pins the blame on the war in Ukraine, which has pushed up fuel, food and electricity prices. This unexpected turn of events has caused the office to adjust its…
- Video
Thailand News Update | Energy & Food Price raises inflation rate for 2022
The body of the Iranian tourist who went missing on Tuesday after a white water rafting accident in Phang Nga province, just north of Phuket, has been found. Police are now investigating everyone involved in the incident.The 42 year old was white water rafting in Song Phraek with his four friends and two tour operators when their rubber boat hit…
- Thailand News
Thailand News Today | One Thai province to declare Covid endemic on April 1
After a Boeing 737-800 crashed in China, killing all 132 passengers on board, Thailand’s aviation officials have urged five Thai airlines to conduct thorough safety inspections of THEIR Boeing 737-800 aircraft. According to the Civil Aviation Authority of Thailand, leading domestic airlines, including Nok Air and Thai Lion, must obtain a Certificate of Airworthiness for all operational 737-800s. China Eastern…
- Video
Thailand News Update | Will Thailand scrap 2nd test for the Test and Go?
A meeting today with the CCSA where they will formerly discuss proposals regarding possible updates to Test and Go, the most popular option for the Thailand Pass online application system for international travellers. Although there’s been speculation that the controversial Day 5 PCR test may be dropped, we won’t know until alter today. The Thaiger will bring you up to…
- Thailand News
Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
