Thai Consumer Price Index rose 5.9% in December

BANGKOK (NNT) – Thailand’s headline consumer price index (CPI) rose 5.89% in December from a year earlier, in line with analyst forecasts, but above the previous month driven by higher energy and food prices.

The index compared with a forecast for a 5.9% rise in December in a Reuters poll and followed November’s 5.55% increase.

Well above the Bank of Thailand’s (BOT) target range of 1% to 3%

The pace remains well above the Bank of Thailand’s (BOT) target range of 1% to 3%, reinforcing expectations that the central bank will raise its key interest rate at its next meeting on January 25, to bring prices back within target.

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According to the Ministry of Commerce, the core CPI index was up 3.23% in December from a year ago, versus a forecast rise of 3.28%,

For 2022, headline CPI increased 6.08% for a 24-year high, while the core CPI index rose 2.51%.

Headline inflation is expected to slow to 2% to 3% in 2023

Headline inflation is expected to slow to 2% to 3% in 2023, helped by a high base and a global slowdown.

The index, however, is set to remain high in the first quarter this year due to a low base in the same period last year, but should not top 5%.

Information and Source

• Reporter : Natthaphon  Sangpolsit
• Rewriter : Paul Rujopakarn
• National News Bureau : http://thainews.prd.go.th