Nonthaburi: – Director of the Office of Trade Policy and Strategy (TNOC) stated that the World Cost of Living Index for 2024 in Thailand is at a lower level than in 2023. It is evident that Thailand’s general inflation rate averaged in the first 2 months (Jan. .-Feb.) of 2024 that decreased by 0.94 percent compared to the same period of 2023.

Mr. Poonphong Naiyanaphakorn, Director of the Office of Trade Policy and Strategy (TNOC), spoke about the recent preparation of the Cost of Living Index for countries around the world in early 2024 by Numbeo, a website. Renowned world cost of living database By creating the said cost of living index. Calculated from the cost of consumer goods such as food, travel, clothing and shoes. Sports and recreation and utility costs (excluding housing rent) which surveys information from various sources such as government agencies Supermarkets, entrepreneurs and consumers by comparing with the cost of living index of New York City, USA, which is used as a base at 100%. The result
s of the latest cost of living index found that

Thailand’s cost of living index at the beginning of 2024 is at 36.0 percent, which is lower than the index of New York City, USA, which is 100%, ranking 94th out of 146 countries around the world. which is at a low level It decreased from 40.7 percent or ranked 79th out of 140 countries around the world in 2023, partly as a result of (1) the index of consumer products sold in grocery stores (Groceries Index) at 100%. 41.0, down from 42.0 percent in 2023, which uses products in the basket (Markets) to calculate the index, such as meat, milk, eggs, bread, vegetables, and fruits. Products in the said basket have the most weight in calculating the price index. decreased and in a direction consistent with the prices of products in the food group such as meat, vegetables and fruits used to calculate Thailand’s general inflation rate in 2024 (Jan.-Feb.) (2) Restaurant Price Index is at 18.4 percent, down from 21.0 percent in 2023. which uses products in the cart (Rest
aurants) in calculating the index, such as fast food set meals Local beer, imported beer and soft drinks. There are also products in the travel category. Clothes and shoes Sports and recreation and utilities That is used to calculate the cost of living index. Numbeo does not publish index numbers.

Singapore crane shipping cargo

woman shopping organic veggies and fruits

Thailand cost of living index This is in line with the cost of living index of many countries that decreased compared to last year. and moves in the same direction as Thailand’s average general inflation rate for the first 2 months (Jan. – Feb.) of 2024, which decreased by 0.94 percent compared to the same period of 2023, by countries with high living costs. The top 3 highest rates in the world are (1) Bermuda, up to 133.6 percent, slowing down from 141.8 percent in 2023. It is expected that due to the geography that there are limitations on cultivation, production and reliance on imported consumer products. Consumption from abroad In additi
on, it is a popular tourist destination for foreign tourists. This makes the prices of goods and services the most expensive in the world (2) Switzerland, as high as 112.2 percent, slowing down from 114.2 percent in 2023.

While Switzerland is a country with a high per capita income, it is famous for its financial services. Production of pharmaceuticals, watches, machinery and components There is a good welfare system. The country’s scenery is unique and beautiful. In addition, politics and the economy are stable. Therefore, it is attractive to foreign tourists. The cost of living is therefore high and (3) the Cayman Islands will reach 111.7 percent from 103.4 percent in 2023. The Cayman Islands are one of the 10 countries that are classified as the richest in the world. Famous for financial services and with the geography of islands in the Caribbean Sea which is a popular tourist destination for foreigners As a result, the prices of goods and services are high. The top three countries with the lowest cost of
living in the world are (1) Pakistan at 18.5 percent from 18.0 percent;

In 2023, because Pakistan continues to face various challenging factors, such as high debt problems. corruption and food insecurity This problem has put pressure on the country’s purchasing power and economic growth. And this may be the reason why the cost of living is low (2) Nigeria is at 19.3 percent, a considerable decrease from 30.9 percent in 2023. Nigeria is a developing country. Located in Africa Over the past several years, economic growth has weakened due to various factors such as COVID-19 and food shortages. and the problem of poverty that tends to increase Therefore, there is pressure to keep the cost of living low and (3) Libya is at 21.2 percent, down from 24.2 percent in 2023. It is worth noting that Libya is politically fragile, being classified as a country at risk for economic problems. Highest level of security and the economy is still weak This may result in the cost of living in the country being low.

When consider
ing countries in the ASEAN group, it was found that the cost of living index of Thailand At 36.0 percent, it was the 5th highest out of 9 countries that were ranked. Thailand’s cost of living is higher than the Philippines (33.6 percent, ranked 104th out of 146 countries around the world), Vietnam (30.8, ranked 113), Malaysia (30.5, ranked 115th) and Indonesia (28.5, ranked 126th). Meanwhile, Thailand’s cost of living is lower than Cambodia (38.5, ranked 88th). ) Myanmar (38.6, ranked 87th), Brunei (50.5, ranked 48th) and Singapore, which have the highest cost of living in ASEAN. It is 81.9 percent, the seventh highest in the world, down from 85.9 percent in 2023. It is worth noting that Singapore is a country with a small area. and has a dense population coupled with limited natural resources Therefore must rely on importing consumer products from abroad. As a result, the cost of living is high. The average monthly individual expense of people in Singapore is 1,510.8 Singapore dollars (approximately 40,000 b
aht).

However, Thailand’s cost of living level is compared to 146 countries around the world. Still at a relatively low level The main reason is expected to be from the government’s ongoing measures to help with living expenses. Both products in the energy group (electricity, fuel, cooking gas) and consumer products necessary for living. In addition, there are measures to help entrepreneurs to reduce production costs. including measures to increase income and expanding career opportunities

Even though the economic situation of countries around the world, including Thailand, still has opportunities for growth. But there are still many challenging factors. Both production and export policies of major oil producers geographic conflict Including the Thai government assistance measures that will end. This may cause the cost of living in Thailand to increase. Therefore, consumers and entrepreneurs should prepare to deal with economic uncertainties that may occur. By planning finances carefully, economically and s
ufficiency for entrepreneurs. The application of technology and innovation should be considered. This is the key to reducing costs. Increase competitiveness Help lead the business to grow through such challenging factors stably

Source: Thai News Agency