Thailand Inflation December 2021


Thailand: Inflation eases in December to end year at three-month low

January 5, 2022

Consumer prices dropped 0.38% over the previous month in December, contrasting the 0.28% increase seen in November. December's result marked the sharpest fall in prices since May. The figure was primarily driven by falling prices for food and non-alcoholic beverages, while price pressures for housing and furnishing declined at a faster pace.

Inflation came in at 2.2% in December, down from November’s 2.7% and representing the lowest rate since September. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 1.2% in December (November: 1.0%). Lastly, core inflation was steady, coming in at 0.3% in December and matching November's print.

Regarding the outlook for inflation, Kyrstal Tan and Sanjay Mathur, economists at ANZ, commented:

“Looking ahead, supply-side price pressures are likely to keep inflation elevated in the near term, but the pass-through to underlying price pressures will continue to be capped by the pace of the economic recovery, which is now facing renewed headwinds. The upshot is that average inflation is likely to stay comfortably within the BoT’s 1.0%–3.0% target band for 2022, and monetary policy normalisation is unlikely to start this year.”

FocusEconomics Consensus Forecast panelists see inflation averaging 1.6% in 2022, which is up 0.3 percentage points from last month’s forecast, while in 2023 panelists predict average inflation of 1.2%.

Author:, Economist

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Thailand Inflation Chart

Thailand Inflation December 2021 1

Note: Annual and monthly variation of consumer price index in %.
Source: Ministry of Commerce.

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