Thailand Inflation

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Thailand: Consumer prices record largest drop in over five years

January 5, 2015

In January, consumer prices fell 0.59% over the previous month, which followed the 0.50% decrease tallied in December and marked the steepest fall since December 2008. According to the Ministry of Commerce, January’s decline resulted from lower prices for food and non-alcoholic beverages, as well as for transportation.

Consumer prices fell 0.4% over the same month last year, which contrasted the 0.6% increase observed last month. The result significantly contrasted the 0.3% increase the market had expected and marked the largest drop since September 2009. As a consequence, annual inflation is well below the 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, rose 0.16% over the previous month (December:+0.18% month-on-month). Annual core inflation inched down from 1.7% in December to 1.6% in January.

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 January 2015

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


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