Inflation slowing as supply increases
Price controls help rein in costs
published : 7 Dec 2022 at 13:52
writer: Online Reporters
Inflation slowed for three consecutive months, easing from 5.9% in October to 5.5% in November, on prices of fresh food and ingredients as supply increased, according to the Commerce Ministry.
Poonpong Naiyanapakorn, director-general of the ministry's Trade Policy and Strategy Office, said the consumer price index stood at 107.92 in November, compared with 102.25 a year earlier. Headline inflation ran at 5.5% in November, slowing from 6.41% in September and 5.98% in October.
He attributed the decline to slower increases in the prices of food ingredients, especially fresh vegetables, fruit and meat and packaged products because of improved supply.
The prices of food and non-alcoholic beverages rose 8.40% year-on-year in November, down from 9.58% in October, due to the sharp decline in prices of fresh vegetables on the expansion of market gardens. Supplies of fresh fruit, pork and chicken also rose. Meanwhile, prices of cooking oil and similar products were more stable due to government price controls.
The prices of products excluding foods and beverages rose by 3.59% in November on the rising cost of energy - oil, electricity and cooking gas.
November core inflation, which excludes fresh foods and energy, ran at 3.22%, slightly up from 3.17% in October, on the high cost of energy, Mr Poonpong said.
In the first 11 months of this year inflation ran at 6.10%. His office expected inflation this month to be similar to last month's.
Inflation for the whole of 2022 should run at 6.0%, Mr Poonpong said.