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Thailand Inflation

Thailand Inflation

Inflation in Thailand

Consumer price inflation in Thailand averaged 1.2% in the ten years to 2022, below the Asia-Pacific regional average of 2.1%. The 2022 average figure was 6.1%. For more inflation information, visit our dedicated page.

Thailand Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Thailand from 2014 to 2023.
Source: Bureau of Trade and Ecconomic Indices Thailand.

Thailand Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 1.1 0.7 -0.8 1.2 6.1
Inflation (CPI, ann. var. %, eop) 0.4 0.9 -0.3 2.2 5.9
Inflation (Core, ann. var. %, aop) 0.7 0.5 0.3 0.2 2.5
Inflation (PPI, ann. var. %, aop) 0.5 -0.7 -1.6 4.7 10.4

Consumer prices declines at steeper rate in January

Consumer prices declined 1.1% in annual terms in January, following December’s 0.8% year-on-year decrease. January's reading marked the largest fall in consumer prices since February 2021. Faster decreases in prices for non-food products and food and non-alcoholic beverages were behind the reading. Annual average inflation fell to 0.7% in January (December: 1.2%). Meanwhile, core inflation edged down to 0.5% in January, from the previous month's 0.6%. Lastly, consumer prices increased 0.02% in January over the previous month, contrasting the 0.46% fall seen in December. January's result marked the highest reading since August 2023.

Commenting on the deflationary trend, United Overseas Bank’s Enrico Tanuwidjaja and Sathit Talaengsatya, stated: “Although this technical deflation is driven primarily by the government’s supply-side interventions, amid a sharp slowdown in the core inflation, this may in part reflect a weak aggregate demand in the economy. We maintain our view that the near-term growth momentum is expected to be sluggish, but it will rebound at a stronger pace in the second half of the year.”

Consensus Forecasts and Projections for the next ten years

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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