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Thailand Inflation January 2024

Thailand: Consumer prices declines at steeper rate in January

Consumer prices declined 1.1% in annual terms in January, following December’s 0.8% year-on-year decrease. January’s reading marked the largest fall in consumer prices since February 2021. Faster decreases in prices for non-food products and food and non-alcoholic beverages were behind the reading.

Annual average inflation fell to 0.7% in January (December: 1.2%). Meanwhile, core inflation edged down to 0.5% in January, from the previous month’s 0.6%.

Lastly, consumer prices increased 0.02% in January over the previous month, contrasting the 0.46% fall seen in December. January’s result marked the highest reading since August 2023.

Commenting on the deflationary trend, United Overseas Bank’s Enrico Tanuwidjaja and Sathit Talaengsatya, stated:

“Although this technical deflation is driven primarily by the government’s supply-side interventions, amid a sharp slowdown in the core inflation, this may in part reflect a weak aggregate demand in the economy. We maintain our view that the near-term growth momentum is expected to be sluggish, but it will rebound at a stronger pace in the second half of the year.”

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