Thailand Inflation February 2018


Thailand: Inflation moderates again in February

March 2, 2018

Consumer prices in Thailand dropped 0.23% over the previous month in February, contrasting a 0.07% month-on-month increase in January. The drop in consumer prices was mainly driven by lower prices for food and non-alcoholic beverages and non-food and beverages, which offset a slight increase in prices for housing and furnishing.

Inflation moderated for the third consecutive month in February, moving further away from the Bank of Thailand’s 1.0%–4.0% target range. Inflation eased markedly from 0.7% in January to 0.4% in February; the result was notably below market expectations of 0.7%. Core inflation, meanwhile, was steady for the third consecutive month at 0.6%. As inflation proved elusive last year and at the beginning of this year, FocusEconomics Consensus forecast panelists do not foresee a rate hike when the Monetary Policy Committee meets again on 28 March. The earliest some panelists expects a rate hike is September 2018.

Thailand Inflation Forecast

The Bank of Thailand now sees inflation of 1.1% in 2018. FocusEconomics Consensus Forecast panelists expect inflation of 1.5% on average in 2018, which is unchanged from last month’s forecast. For 2019, panelists predict average inflation of 1.7%.

Author:, Economist

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Thailand Inflation Chart

Thailand Inflation February 2018

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

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