Latest news with #Poonpong
Bangkok Post
08-07-2025
- Business
- Bangkok Post
Thai inflation falls for third straight month in June
Inflation as measured by the consumer price index (CPI) declined for a third consecutive month in June, attributed to lower energy and food prices, though there are no signs of deflation, according to the Commerce Ministry. Headline inflation dipped by 0.25% year-on-year to 100.42 in June, said Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office. He said the decline is attributed to falling prices of energy, including fuel and electricity, in addition to fresh food prices, particularly eggs, fresh vegetables and fresh fruit. Inflation is expected to decrease this month, with headline inflation for the third quarter remaining similar to the previous quarter, said Mr Poonpong. One factor decelerating inflation is reduced Dubai crude oil prices as Middle East tension eased following a ceasefire agreement. Other factors are the government's measures to ease living costs, such as reducing electricity fees for May-August to 3.98 baht per unit; an increased supply of fresh vegetables; and marketing promotions by large businesses that align with the government's stimulus. The ministry predicted headline inflation this year would range between 0% and 1%, with a midpoint of 0.5%. Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said despite the negative headline inflation over three months, it is not considered technical deflation yet. The reasons for the contractions are reductions of energy prices, the fuel tariff and electricity costs, he said. The 0.97% year-on-year increase of core inflation in the first five months indicated a mild recovery in purchasing power, said Mr Thanavath. With the Thai economy expected to grow 2% in the first half of the year, he said the Bank of Thailand should ease monetary policy by reducing interest rates, while the government should implement urgent stimulus initiatives using its allocated budget.
Bangkok Post
08-07-2025
- Business
- Bangkok Post
CPI falls for 3rd straight month in June
The consumer price index (CPI) declined for a third consecutive month in June, attributed to lower energy and food prices, though there are no signs of deflation, according to the Commerce Ministry. Headline inflation dipped by 0.25% year-on-year to 100.42 in June, said Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office. He said the decline is attributed to falling prices of energy, including fuel and electricity, in addition to fresh food prices, particularly eggs, fresh vegetables and fresh fruit. Inflation is expected to decrease this month, with headline inflation for the third quarter remaining similar to the previous quarter, said Mr Poonpong. One factor decelerating inflation is reduced Dubai crude oil prices as Middle East tension eased following a ceasefire agreement. Other factors are the government's measures to ease living costs, such as reducing electricity fees for May-August to 3.98 baht per unit; an increased supply of fresh vegetables; and marketing promotions by large businesses that align with the government's stimulus. The ministry predicted headline inflation this year would range between 0% and 1%, with a midpoint of 0.5%. Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said despite the negative headline inflation over three months, it is not considered technical deflation yet. The reasons for the contractions are reductions of energy prices, the fuel tariff and electricity costs, he said. The 0.97% year-on-year increase of core inflation in the first five months indicated a mild recovery in purchasing power, said Mr Thanavath. With the Thai economy expected to grow 2% in the first half of the year, he said the Bank of Thailand should ease monetary policy by reducing interest rates, while the government should implement urgent stimulus initiatives using its allocated budget.
The Star
22-06-2025
- Business
- The Star
Thailand eyes greater share of booming global halal market worth US$3.1 trillion by 2027
BANGKOK (The Nation Thailand/ANN): Thailand's Commerce Ministry is positioning the kingdom to capture a greater share of the rapidly expanding global halal food market, which is projected to reach US$3.1 trillion by 2027, as the nation seeks to capitalise on what officials describe as a "golden opportunity". The global halal market, once considered niche, has evolved into a mainstream sector driven by a burgeoning Muslim population and increasing per capita spending amongst Muslim consumers worldwide. United Nations statistics for 2024 show Muslims account for 1.907 billion people, or 23.5% of the world's total population of 8.119 billion. This figure is projected to surge to 2.761 billion by 2050, representing nearly 30% of humanity and underscoring the immense potential of the halal market. According to Salaam Gateway, a leading Islamic economy research institute, the global halal product market was valued at $2.35 trillion in 2024. Food and beverages dominate this expansive market, accounting for US$1.38 trillion—nearly 59% of total halal market value. Other significant sectors include fashion, media and recreation, tourism, pharmaceuticals, and cosmetics. By 2027, halal food and beverages alone are expected to reach US$1.89 trillion. Poonpong Naiyanapakorn, Director General of the Trade Policy and Strategy Office at the Commerce Ministry, highlighted Thailand's strong position in the sector. In 2024, Thai food exports to Organisation of Islamic Cooperation (OIC) countries reached $7.1313 billion, marking robust 6.3% growth. "This solidifies Thailand's presence in the OIC market and signals a golden opportunity for Thai entrepreneurs to capitalise on surging global demand for halal products in 2025 and beyond," Poonpong said. He emphasised that halal food's appeal extends beyond Muslim consumers due to its adherence to strict Islamic production principles, ensuring cleanliness and hygiene. This perception of safety and quality is attracting a wider consumer base, fuelling continuous growth in demand, particularly within OIC nations. Globally, halal food and beverage exports to OIC countries totalled $247.362 billion in 2024, up 6.9% from 2023. Whilst major exporters include Brazil, India, China, Turkey, and the United States, Thailand currently ranks as the 10th largest food exporter to the OIC market. Key importers of halal food and beverages within the OIC include Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Turkey. For Thailand, halal food exports represent a crucial economic and trade strategy. Indonesia, Malaysia, Iraq, the UAE, and Saudi Arabia collectively form Thailand's largest markets, accounting for 68.5% of its OIC food exports. Key products include rice, tinned tuna, sugar, pet food, and seasonings. Thailand maintains a competitive edge through its product quality, food processing capabilities, and credible halal certification system. OIC countries, particularly Saudi Arabia, the UAE, and Qatar, represent high-potential markets with substantial average per capita purchasing power and demand for internationally standardised halal food. To strengthen its position and accelerate market expansion, Thailand must uphold its reputation as a producer of high-quality halal food, continuously develop product standards, and engage in proactive marketing within the OIC bloc. - The Nation Thailand/ANN
The Star
06-06-2025
- Business
- The Star
Thailand inflation remains negative in May; government cuts 2025 forecast
Image from The Nation Thailand/Asia News Neywork BANGKOK (Reuters): Thailand's annual inflation rate was negative for a second straight month in May, the commerce ministry said on Friday. The Thai government has now cut its full-year forecast to close to zero, just weeks ahead of the central bank's next monetary policy review. The consumer price index dropped 0.57% in May from a year earlier, not quite as steep as the 0.80% fall forecast in a Reuters poll, following a 0.22% fall in April. It was the third month in a row that the inflation rate has been below the central bank's target range of 1.0% to 3.0%. Poonpong Naiyanapakorn, head of the ministry's Trade Policy and Strategy Office, said a positive inflation reading was expected in June, but the forecast of 0.2% to 0.4% was still below the central bank's target. The ministry cut its full-year inflation forecast to 0.0% to 1.0% from 0.3% to 1.3% seen previously. Poonpong said prices fell in May due to lower energy prices and more production of agricultural goods such as vegetables. The core CPI, which excludes volatile food and energy prices, was up 1.09% in May from a year earlier, higher than a forecast rise of 0.94%. For the first five months of the year, headline inflation averaged 0.48% and the core rate was at 0.95%, Poonpong said. In April, the Bank of Thailand cut its key interest rate by a quarter point to 1.75%, the lowest level in two years, and reduced its growth and inflation forecasts for 2025, due to risks from U.S. tariffs. The next rate meeting is on June 25. Deputy BOT Governor Piti Disyatat told Reuters last month the central bank was ready to ease policy again if needed to support Southeast Asia's second-largest economy through the global trade war. He said low inflation was not a reflection of weak domestic demand or deflation. (Reporting by Kitiphong Thaichareon, Thanadech Staporncharnchai and Chayut Setboonsarng; Editing by Martin Petty and John Mair) - Reuters
CNA
06-06-2025
- Business
- CNA
Thailand inflation remains negative in May; government cuts 2025 forecast
BANGKOK :Thailand's annual inflation rate was negative for a second straight month in May, the commerce ministry said on Friday as it cut its full-year forecast to close to zero, just weeks ahead of the central bank's next monetary policy review. The consumer price index dropped 0.57 per cent in May from a year earlier, not quite as steep as the 0.80 per cent fall forecast in a Reuters poll, following a 0.22 per cent fall in April. It was the third month in a row that the inflation rate has been below the central bank's target range of 1.0 per cent to 3.0 per cent. Poonpong Naiyanapakorn, head of the ministry's Trade Policy and Strategy Office, said a positive inflation reading was expected in June, but the forecast of 0.2 per cent to 0.4 per cent was still below the central bank's target. The ministry cut its full-year inflation forecast to 0.0 per cent to 1.0 per cent from 0.3 per cent to 1.3 per cent seen previously. Poonpong said prices fell in May due to lower energy prices and more production of agricultural goods such as vegetables. The core CPI, which excludes volatile food and energy prices, was up 1.09 per cent in May from a year earlier, higher than a forecast rise of 0.94 per cent. For the first five months of the year, headline inflation averaged 0.48 per cent and the core rate was at 0.95 per cent, Poonpong said. In April, the Bank of Thailand cut its key interest rate by a quarter point to 1.75 per cent, the lowest level in two years, and reduced its growth and inflation forecasts for 2025, due to risks from U.S. tariffs. The next rate meeting is on June 25. Deputy BOT Governor Piti Disyatat told Reuters last month the central bank was ready to ease policy again if needed to support Southeast Asia's second-largest economy through the global trade war. He said low inflation was not a reflection of weak domestic demand or deflation.
