Thailand Inflation February 2021


Thailand: Consumer prices register largest fall since June 2020 in February

March 5, 2021

Consumer prices fell 0.91% over the previous month in February, swinging from the 0.09% increase logged in January. February's result marked the sharpest fall in prices since April 2020. The figure was largely due to dropping prices for food and non-alcoholic beverages. In addition, price pressures for utilities also fell.

Consumer prices dropped 1.2% year-on-year in February, a sharper fall than January’s 0.3% decrease. February's reading marked the largest fall in consumer prices since June 2020. The annual average variation of consumer prices fell to minus 1.1% in February (January: -1.0%). Core inflation edged down to 0.0% from the previous month's 0.2%.

Regarding the outlook for inflation and interest rates, Krystal Tan and Sanjay Mathur, economists at ANZ Research, commented:

“Looking ahead, inflation is set to rebound on the back of low base effects and improving activity. However, a slow-going economic recovery means there is little danger of the accommodative monetary policy reversing any time soon.“

FocusEconomics Consensus Forecast panelists see inflation returning in 2021, with consumer prices rising 1.0%, which is unchanged from last month’s forecast, while in 2022 panelists predict average inflation of 1.2%.

Author:, Economist

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Thailand Inflation Chart

Thailand Inflation February 2021 1

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

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