According to Thailand’s Trade Policy and Strategy Office, March’s inflation rate was 5.73%, the highest in 13 years due to Vladimir Putin’s invasion of Ukraine.

Ronnarong Phoolpipat, the TPSO director-general, said that headline prices ran at 5.73% in March due to rising prices of goods and services in accordance with their higher costs.


Energy and imported raw materials, as well as transport fees, were included in the inflation calculator.


According to Ronnarong, sanctions from the United States and its allies against Russia affected worldwide economies, especially developing countries that felt the effects on their fragile economies.


Nevertheless, he reported that fresh food prices rose slightly compared to last year.


Using OPEC crude oil prices of US$90-100 per barrel, the exchange rate of 32-34 baht per dollar, and Thai economic growth of 3.5-4.5%, the Commerce Ministry predicted inflation will run at 4.0-5.0% this year.


Mr. Ronnarong said that if inflation stays at 4-5% throughout this year, it will be the highest in 13 years. Inflation, he said, is mainly due to external factors, and any attempts to reduce it will not succeed.

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