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.

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.

Consumer prices in Thailand fell 0.49% year-on-year in November 2025, below expectations of a 0.60% decline and easing from a 0.76% drop in October. This marked the eighth consecutive month of falling prices, keeping inflation well below the central bank’s 1%–3% target range. The persistent deflation was mainly driven by lower energy costs, including household electricity and fuel, following developments in the global energy market and government measures to ease the cost-of-living burden. Over the first 11 months of the year, headline inflation was down 0.12% from the same period a year earlier. Meanwhile, core consumer prices, which exclude volatile items such as food and energy, continued to show a positive trend, rising 0.66% annually, the largest increase in three months, following a 0.61% gain and above the expected 0.57% rise.