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Bangkok Post
06-08-2025
- Bangkok Post
Thailand records another negative inflation reading in July
Thailand's annual inflation rate was negative for a fourth straight month in July, driven by price drops in energy and some agricultural goods, but the Commerce Ministry said on Wednesday that the economy was not suffering from deflation. The consumer price index (CPI) dropped 0.7% in July from a year earlier, deeper than the 0.40% decline forecast in a Reuters poll and followed a 0.25% drop in June. It was the fifth month in a row that the inflation rate was below the Bank of Thailand's (BoT) target range of 1.0% to 3.0%. "The deeper fall was driven by two main factors - energy prices like gasoline, diesel and electricity prices, while the other was fresh produce," Poonpong Naiyanapakorn, head of the ministry's Trade Policy and Strategy Office, told a news conference. The August rate is expected to be similar to July, he said, with the CPI seen down an annual 0.5% in the third quarter. Despite the run of negative readings, the ministry said there were no signs of deflation. "On deflation, we must look at demand. The negative inflation rate has been driven by factors that are not demand-related but rather by the price of oil, energy, fruits and vegetables," Mr Poonpong said. "Core inflation remains elevated and has consistently risen," he added. The core CPI, which excludes volatile fresh food and energy prices, rose 0.84% in July from a year earlier, compared with a forecast increase of 0.90%. When asked whether the price readings would affect the central bank's upcoming review of interest rates, Mr Poonpong said inflation was only one aspect that was considered, and potential deflation required an examination of demand. The central bank's next review is on Aug 13. In June, the BoT left its key interest rate unchanged at 1.75%, seeking to save some policy ammunition to support growth if needed In the first seven months of 2025, annual headline inflation averaged 0.21%, with core inflation at 0.95%, the ministry said. The ministry maintained its headline inflation forecast for 2025 at 0.0% to 1.0%.
Bangkok Post
06-08-2025
- Bangkok Post
Philippines to suspend rice imports
MANILA — The Philippines, among the world's largest buyers of rice, will suspend rice imports for 60 days from Sept 1 to protect local farmers impacted by falling prices during the harvest season, the government said on Wednesday. President Ferdinand Marcos Jr ordered the suspension, Communications Secretary Dave Gomez told reporters, adding tariff increases on imported rice had been ruled out for now. The Philippines imported 4.8 million metric tonnes of rice last year, with Southeast Asian neighbours Vietnam and Thailand among its key suppliers. It was not immediately clear whether any pending orders would be affected by the suspension. Marcos' move came as data showed agricultural and fisheries output grew by 5.7% in the second quarter from a year earlier to 437.53 billion pesos (US$7.6 billion), marking the fastest expansion in eight years. Crop output, which accounted for 56% of total farm production, climbed 11.3% from a year earlier. Rice production grew an annual 13.9%, a sharp acceleration from the 0.3% growth in the first quarter. Falling rice prices helped slow annual inflation to a near six-year low of 0.9% in July, after the government had declared a "food security emergency" earlier this year to bring down the cost of the national staple. Economic growth data on Thursday is forecast to show the economy grew by an annual 5.4% in the second quarter, matching the previous quarter's growth rate, a Reuters poll found.
Bangkok Post
02-08-2025
- Bangkok Post
India under more pressure to shun Russian oil
NEW DELHI — At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new US sanctions, according to trade sources and data providers. The development comes even as Indian officials are reportedly saying they would keep purchasing oil from Russia despite the threat of steep penalties by US President Donald Trump. The New York Times quoted two senior Indian officials as saying there had been no change in policy, and that the government had 'not given any direction to oil companies' to cut back imports from Russia. Reuters could not immediately verify the report. The White House, India's Ministry of External Affairs and the Ministry of Petroleum and Natural Gas did not immediately respond to requests for comment. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia. Reuters had reported earlier that Indian state refiners had stopped buying Russian oil in the past week as discounts narrowed in July. The US Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities and ships, some of which are involved in transporting Russian oil. Three ships — the Aframaxes Tagor and Guanyin and the Suezmax Tassos — were scheduled to deliver Russian oil to Indian ports this month, trade sources said. All three vessels are under US sanctions. Tagor was bound for Chennai on India's east coast, while Guanyin and Tassos were headed to ports in western India, according to trade sources and Russian ports data. Tighter Western sanctions aimed at cutting Russia's oil revenue, seen as funding its war against Ukraine, have been increasingly hitting Russian oil supplies for India. Tagor is now heading to Dalian in China, while Tassos is diverting to Port Said in Egypt, the data showed. Guanyin remains on course to Sikka, a port used by the Indian conglomerate Reliance Industries and Bharat Petroleum Corp Ltd (BCPL). Indian Oil Corp, which was to receive the Tagor shipment, and BPCL did not respond to Reuters' emailed requests for comment. Zulu Shipping, linked to Panama-flagged Tassos and Tagor, and Guanyin-owner Silver Tetra Marine could not be reached for comments. Both companies are under US sanctions. A Reliance spokesperson said that 'neither of these two vessels, Guanyin and Tassos, is coming to us'. Reliance has previously purchased oil in Guanyin. Separately, two other vessels, Achilles and Elyte, loaded with Russian oil, were preparing to discharge Russian Urals crude for Reliance, according to data from LSEG (London Stock Exchange Group). Both these vessels are sanctioned by Britain and the European Union. India has condemned the EU sanctions.
