Thailand Inflation Falls for Ninth Straight Month in September
October 01 2015 - 2:30AM
Dow Jones News
BANGKOK—Thailand's consumer prices continued to fall in
September because of lower global oil prices, but at a slightly
slower pace than the previous month.
The Commerce Ministry reported Thursday that the country's
headline inflation fell in September, the ninth straight month of
contraction, by 1.07% from last year and 0.05% from August.
A poll of economists by The Wall Street Journal predicted
Thailand's September headline consumer-price index would fall 1.07%
year-over-year and 0.03% month-over-month.
From January to September, headline CPI dropped 0.9% from a year
ago, the ministry said.
Somkiat Triratpan, director of the ministry's Trade and Strategy
Bureau, said at a news conference that inflation remained negative
in September because of falling oil prices, electricity charges and
prices of some food items.
Thailand's core consumer-price index, which excludes volatile
food and energy prices, rose 0.96% on-year and 0.07% on-month.
Median forecasts by The Wall Street Journal Poll expected September
core CPI to increase 0.9% from a year ago but stay flat
sequentially.
During the first nine months of this year, core inflation rose
1.12% year-over-year.
The ministry also cut its 2015 inflation-rate target to a range
of -1.0% to -0.2% from the earlier projection of 0.6% to 1.3%. The
ministry's revision followed the Bank of Thailand's recent move to
lower its headline CPI projection for this year to -0.9% from
-0.5%, citing the possibility of slower economic recovery and a
further decline in global oil prices.
"With energy prices remaining low, and notwithstanding base
effects, we expect CPI inflation to remain in negative territory
through 2015," said Barclays in its note.
ANZ Research also doesn't expect a strong upswing in Thailand's
inflation soon, even though the Thai baht has weakened more than
10% against the dollar since the beginning of the year.
"As our recent study has highlighted, the exchange rate
pass-through in inflation is low for Thailand, which can be
attributed to firms [being] unable to pass on the costs of higher
imports due to intense domestic competition, low inflation
expectations, and administered price measures," ANZ said in a
note.
Write to Nopparat Chaichalearmmongkol at
nopparat.chaichalearmmongkol@wsj.com
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(END) Dow Jones Newswires
October 01, 2015 02:15 ET (06:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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