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Thailand Inflation February 2024

Thailand: Consumer prices record smallest fall since November 2023 in February

Consumer prices fell 0.8% on an annual basis in February, following January’s 1.1% year-on-year decrease. February’s reading represented the smallest dip in consumer prices since November 2023 and was due to softer decreases in prices for food and non-alcoholic beverages and non-food products.

Annual average inflation fell to 0.4% in February (January: 0.7%). Meanwhile, core inflation fell to 0.4% in February, from January’s 0.5%.

Finally, consumer prices increased 0.22% in February over the previous month, picking up from January’s 0.02% increase. February’s uptick marked the highest reading since August 2023.

Commenting on the reading, UOB’s Enrico Tanuwidjaja and Sathit Talaengsatya stated:

“Thailand has been in the period of a technical deflation as the inflation rate turns negative for more than 3 months in a row. On the back of favorable supply conditions and a high base effect last year, some of the remaining short-term government subsidies to help lower costs of living, in particular energy subsidies, continued to add downward pressures on the headline CPI. As these measures will remain effective until April, according to the government’s plan, the average CPI inflation is expected to record a small negative rate in Q1 2024. However, once those subsidies are terminated, the inflation rate should rebound.”

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