Business News Asia
The Commerce Department’s Office of Trade Policy and Strategy (OFC) reported that the general consumer price index (CPI) was 105.15 in April, up 4.65% from the same period last year and up 0.34% from the previous month. In March, inflation averaged 4.71% in the first four months of this year.
The core consumer price index (CPI) was 102.57 in April, up 2.00% from the same period last year and up 0.14% from March, resulting in an average CPI for the first four months of 1.58%.
“The rise in inflation in April was mainly driven by higher global energy prices, as well as higher prices for other goods and services, indirectly affected by sanctions of the United States and allies towards Russia,”The director of the Office of Trade Policy and Strategy said.
“As a result of US and allied sanctions not only affecting some countries, but affecting the overall picture of the world. Higher prices of goods as energy prices affect global shipping costs, and increase global inflation. If this continues, the price of products may increase while it increases rapidly or increases at a slower pace another story. But it is expected that the trend will increase at a slower pace from now on,”The director of the OFC said.
In addition, the Ministry of Commerce expects inflation to be between 4% and 5% in 2022, which is appropriate for the current situation. If the situation changes significantly, it will be reviewed again.