Inflation has recorded an increase in April, marking the first rise in a year, as local fuel prices saw a significant uptick due to ongoing geopolitical tensions and the extended blockade of the Strait of Hormuz. The Ministry of Commerce confirmed that the Consumer Price Index reached 103.3, indicating a 2.89% increase compared to the same month last year.
Nantabong Shiralerspong, the Director General of the Office of Trade Policy and Strategy, explained that the rise in fuel prices has led to increased costs in public transportation, including flight tickets and motorcycle expenses, as well as a rise in ready-made food prices. Conversely, some products such as deodorants, facial cleansing foam, and mangoes have seen a decrease in prices.
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The Office of Trade Policy and Strategy anticipates that overall inflation will rise by 3.06% year-on-year in May, driven by increasing energy prices due to the ongoing conflict, alongside rising costs for ready-made foods due to cost pressures. The office also noted that the rise in meat prices, particularly pork and chicken, is attributed to increased feed and logistics costs, contributing to the overall cost increase.
However, government efforts to alleviate living costs, such as the