Thai Finance Minister Predicts Inflation to Reach 5-7% This Year as World Oil Prices Continue to Rise

Thailand’s Finance Minister said that the Energy Ministry expects the global crude oil price to move at three levels this year, which will have an impact on inflation this year.

“There are three oil price levels with an annual average of $100/barrel, $120/barrel and $150/barrel. We estimate that inflation could be 5-7% this year if all three cases are taken into account,”

, the finance minister said.

According to the Ministry of Commerce, the inflation rate increased to 5.8% in February 2022, reaching the highest level in 13 years. The main reason for the high inflation were energy products and products in the category of food and non-alcoholic beverages, which increased in line with production costs and raw material prices.

However, the Cabinet yesterday approved measures to help low-income people ease the cost-of-living burden caused by high prices.

In addition, FTI announced that car exports in February decreased by 0.02% year-on-year to 79,451 units.

The Federation of Thai Industries (FTI) reported that exports of finished vehicles in February totaled 79,451 units, down 0.02% from February and down 13.77% from the previous month. The production of some passenger car models was delayed due to the shortage of chips and other parts. As a result, exports declined in the markets of Asia, Australia, Central, and South America.

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