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Thailand's consumer inflation growth eases further in April

Copyfrom:Xinhua News AgencyPost Time:2023-05-04 15:53:22

BANGKOK, May 3 (Xinhua) -- Thailand's consumer inflation growth dropped further to its lowest level in 16 months in April, helped by lower energy and food prices, official data showed on Wednesday.

The country's consumer price index (CPI), a key indicator of inflation, rose 2.67 percent year on year in April, with the pace of increase easing for four consecutive months and down from a 2.83 percent increase in the previous month, according to the Ministry of Commerce.

The April inflation growth remained in the Bank of Thailand's target range of 1 percent to 3 percent for the second month.

The core CPI, which excludes raw food and energy prices, saw its softest growth since January 2022 at 1.66 percent year on year, down from an increase of 1.75 percent a month earlier.

Due to a high comparative base and lower fuel prices when compared to the previous year, inflation growth could be lower than 2 percent in May and might be the lowest rate in 20 months, said Poonpong Naiyanapakorn, director general of the ministry's Trade Policy and Strategy Office.

Despite that, cooking gas prices, one of the main production costs, remained high while a severe drought affected agricultural production and product prices, Poonpong told a news conference.

The ministry maintained its inflation growth forecast to range between 1.7 percent and 2.7 percent this year, down from a previous forecast of 2 percent to 3 percent, he said.

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