Thailand Consumer Prices Fall More Than Forecast

2025-11-05 04:00 By Kyrie Dichosa 1 min. read

Consumer prices in Thailand fell 0.76% year-on-year in October 2025, exceeding market expectations of a 0.70% drop and following a 0.72% decrease in September.

This continued a seven-month streak of falling prices, underscoring concerns about weakness in the economy and keeping inflation well below the central bank’s 1%–3% target range.

The Bank of Thailand noted that the decline in consumer prices was largely attributable to supply-side factors, with notable softness observed in both oil prices and prices for a broad range of goods, which together served as the main drivers of the overall reduction.

Meanwhile, core consumer prices, which exclude volatile items such as food and energy, continued to show a positive, albeit soft, increase of 0.61% on an annual basis.

This was slightly below market expectations of 0.64% and down from the 0.65% increase in September, marking the lowest pace of core inflation since July last year.



News Stream
Thailand CPI Falls Sharply in February
Consumer prices in Thailand fell 0.88% year-on-year in February 2026, exceeding expectations of a 0.50% decline and accelerating from January’s 0.66% drop. This marked the eleventh consecutive month of deflation, the longest stretch since the pandemic, and the sharpest in the sequence, keeping inflation well below the central bank’s 1%–3% target range. The government forecasts that March headline CPI may fall at a slower pace than February and noted that headline inflation could reach the target this year, depending on the Middle East conflict and its impact on oil prices. The ministry added that the country is not in deflation, as core inflation remains positive. Core consumer prices, which exclude volatile items such as food and energy, rose 0.56% year-on-year, slightly above the anticipated 0.50% increase but down from January’s 0.60% gain, marking the smallest rise since July 2024.
2026-03-05
Thailand Consumer Prices Fall Faster in January
Consumer prices in Thailand fell 0.66% year-on-year in January 2026, larger than the expected 0.40% drop and accelerating from a 0.28% decline in December. This marked the tenth consecutive month of deflation, the longest stretch since the pandemic, and the steepest in three, keeping inflation well below the central bank’s 1%–3% target range. The Commerce Ministry said the decline was driven by lower energy prices and government measures to ease living costs. Consumer prices are projected to continue easing in the first quarter, with inflation expected to turn slightly positive in the second quarter. Meanwhile, core consumer prices, which exclude volatile items such as food and energy, continued to rise, up 0.60% year-on-year, slightly above both forecasts and December’s 0.59% increase.
2026-02-05
Thailand CPI Falls Less Than Forecast
Consumer prices in Thailand fell 0.28% year-on-year in December 2025, smaller than the expected 0.40% decline and easing from a 0.49% decrease in November. This marked the ninth consecutive month of falling prices, keeping inflation well below the central bank’s 1%–3% target range. Downward pressure came from a 1.43% annual drop in non-food and beverage prices, led by energy costs such as electricity and fuel. Costs also declined for personal care, clothing, and cleaning products amid strong market competition. Conversely, food and non-alcoholic beverages rose 1.53%, driven by higher prices for fresh vegetables, prepared foods, drinks, and some seafood. Meanwhile, core consumer prices, which exclude volatile items such as food and energy, continued to rise 0.59% annually in December, below the forecasted 0.69% and down from a 0.66% gain in November.
2026-01-07