5-2-2024 (BANGKOK) Thailand witnessed a significant decline in its headline Consumer Price Index (CPI) in January, reaching its lowest point in 35 months, according to the commerce ministry. The CPI fell by 1.11% compared to the same period last year, surpassing the 0.83% year-on-year decrease recorded in the previous month. This figure deviated from the forecasted 0.82% decline for January in a Reuters poll.
Meanwhile, the core CPI, which excludes volatile food and energy prices, experienced a slight increase of 0.52% year-on-year in January. This growth fell short of the predicted rise of 0.57%.
The decline in January marks the fourth consecutive month of decreasing CPI and can be attributed to government energy subsidies, lower food prices, and the high base effect from the previous year, as stated by the commerce ministry.
This sustained decrease has resulted in nine consecutive months where the headline CPI remained below the central bank’s target range of 1% to 3%. The central bank aims to maintain inflation within this range to promote stable economic conditions.
