inflation
- Economy News
Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
- World News
Japan sees fastest wage growth in 30 years but weak household spending persists
In April, Japan experienced a rise in wages as major companies increased pay at the fastest rate in 30 years, responding to workers’ demands for higher salaries to cope with inflation. However, household spending remained weak, highlighting an uneven economic recovery. The wage data offers an early insight into the effects of the spring labour negotiations, known as “shunto,” and…
- Business News
Bank of Thailand likely to hike rates amid inflation concerns
Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…
- 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
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…
- World News
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
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…
- Technology 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…
- 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…
- 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…
- 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…
- World News
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…
- Thailand video news
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…
- Thailand video news
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 News
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.…
- 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…
- Thailand video news
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…
