The Department of Commerce released the February 2022 Consumer Price Index (CPI), or inflation, which was 104.10, up 5.28% year-on-year, while the market had expected 4.0-4.1%. Core CPI was 102.20, up 1.80%. YoY.
The main reason for the sharp increase was energy products, including products in the food and non-alcoholic beverages category, which rose in line with production costs and raw material prices.
“The main reason is from products in the energy group, food and non-alcoholic beverages […] the highest inflation level in 13 years since the Persian Gulf War after the Iraqi invasion of Kuwait.”Ronnarong Poonpipat, Director of the Trade Policy and Strategy Office (OCP), Ministry of Commerce