Inflation in Thailand
Consumer price inflation in Thailand averaged 1.1% in the ten years to 2024, in line with the ASEAN regional average of 3.0%. The 2024 average figure was 0.4%. For more information on inflation, visit our dedicated page.
Thailand Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Thailand from 2014 to 2024.
Source: Macrobond.
Thailand Inflation Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | -0.8 | 1.2 | 6.1 | 1.2 | 0.4 |
Inflation (CPI, ann. var. %, eop) | -0.3 | 2.2 | 5.9 | -0.8 | 1.2 |
Inflation (Core, ann. var. %, aop) | 0.3 | 0.2 | 2.5 | 1.3 | 0.6 |
Inflation (PPI, ann. var. %, aop) | -1.6 | 4.7 | 10.4 | -2.4 | 1.6 |
Deflation softens in June
Latest reading: Consumer prices decreased 0.2% year-on-year in June, following May’s 0.6% year-on-year fall. Growth in prices for food and beverages almost doubled from the prior month in June, and transportation prices fell at a softer pace. Annual average inflation fell to 0.6% in June (May: 0.7%). Meanwhile, core inflation was steady, coming in at May's 1.1% in June. Lastly, consumer prices rose 0.02% in June over the previous month, below May's 0.26% increase.
Panelist insight: Nomura’s Charnon Boonnuch and Euben Paracuelles said: “We maintain our 2025-26 headline inflation forecasts of -0.3%, reflecting our view of weak demand and tight monetary policy. […] We see upside risks to our forecasts from the recent increase in prepared food inflation which is likely to remain sticky further out. However, we believe a further increase is unlikely given the underlying trend in raw food prices and more favourable weather conditions. We also believe these risks should be offset by the likely reduction in retail diesel prices, which remain pegged at well above the market rates (i.e., ~10%), as the Oil Fund is recovering from a large deficit.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Thai inflation projections for the next ten years from a panel of 34 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Thai inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Thai inflation projections.
Want to get access to the full dataset of Thai inflation forecasts? Send an email to info@focus-economics.com.
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