Thailand Inflation November 2017


Thailand: Inflation reaches target range in November

December 1, 2017

Consumer prices in Thailand increased 0.07% over the previous month in November, down from a 0.16% increase in October. The marginal rise in consumer prices was chiefly driven by higher prices for non-food and alcoholic beverages, although nearly all subgroups recorded higher prices. These higher prices were almost offset by lower prices for food and non-alcoholic beverages.

Inflation inched up from 0.9% in October to 1.0% in November, in line with market expectations. Subsequently, inflation hit the lower band of the Central Bank’s 1.0%–4.0% target range for the first time in nine months. Core inflation, meanwhile, was steady at the previous month’s 0.6% in November. Although inflation returned to the target range, the Bank of Thailand is likely to keep its monetary policy unchanged at its 20 December meeting; trade data indicates a robust domestic market, with economic activity picking up pace.

The Bank of Thailand now sees inflation of 1.2% in 2018. FocusEconomics Consensus Forecast panelists expect inflation of 1.4% on average in 2018, which is down 0.1 percentage points from last month’s forecast. For 2019, panelists predict average inflation of 1.8%.

Author:, Economist

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Thailand Inflation Chart

Thailand Inflation November 2017

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

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