Thailand Inflation May 2020


Thailand: Consumer prices post greatest drop in over a decade in May

June 4, 2020

Consumer prices rose 0.01% over the last month in May, swinging from April's 2.03% fall. Looking at the details of the release, food and non-alcoholic beverages prices rose at a softer rate in May, however, price pressures for housing and furnishing declined at a more moderate pace.

Consumer prices dropped 3.4% year-on-year in May, a steeper decrease than April’s 3.0% fall. May's reading represented the largest fall in consumer prices since July 2009. Meanwhile annual average inflation fell to minus 0.1% in May (April: 0.3%). Lastly, core inflation was flat in May, after logging 0.4% in April.

FocusEconomics Consensus Forecast panelists see consumer prices falling 0.9% in 2020, which is down 0.5 percentage points from last month’s forecast. For 2021, panelists predict average inflation of 0.7%.


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Thailand Inflation Chart

Thailand Inflation May 20 20 1

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

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