Thailand's latest inflation report by the Ministry of Commerce indicated lower numbers than forecast by Reuters poll of analysts. Headline Inflation during February 2013 was 3.23 percent YoY, compared to 3.39 percent YoY in January (versus analysts' forecast of 3.40 percent), while Core Inflation (excluding fresh food and energy) continued to slow to 1.57 percent YoY, down from 1.59 percent YoY in January (versus a forecast of 1.70 percent). Meanwhile, consumer prices were higher by 0.21 percent MoM, largely in line with non-food and beverage prices.
KResearch is of the view that gradual price increases of consumer goods in early 2013 remained at normal levels, due to many factors that helped absorb price pressure. Yet, in the foreseeable future, a higher cost of living – as a result of businesses passing on higher costs to consumers – will likely be reflected in steady month-on-month price increases. We at KResearch are thus retaining our projection for 2013 Headline Inflation at 3.3 percent – or ranging between 3.0-3.6 percent – rising over 3.0 percent in 2012.
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