Thailand Inflation

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Thailand: Consumer prices in March record largest drop in over five years

April 2, 2015

In March, consumer prices rose 0.17% over the previous month, which followed the 0.12% increase observed in February and marked the fastest increase since May last year. According to the Ministry of Commerce, March’s increase mainly resulted from higher prices for housing and transport.

Consumer prices fell 0.6% over the same month last year, which followed February’s 0.5% drop and marked the fastest decrease since September 2009. The result was below the 0.5% decline the market had expected. As a consequence, annual inflation is well below the Central Bank’s tolerance margin of plus/minus 1.5 percentage points around its target of 2.5%. Core consumer prices, which exclude prices for energy and fresh food, fell 0.06% over the previous month (February: +0.09% month-on-month). Annual core inflation inched down from 1.5% in February to 1.3% in March and now stands at its lowest level since March 2014.

The Bank of Thailand projects that inflation will average 2.1% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2015, which is down 0.2 percentage points from last month’s Consensus. For 2016, panelists see average inflation at 2.5%.


Author:, Senior Economist

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Thailand Inflation Chart


Thailand Inflation March 2015

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


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