Thailand CPI Unexpectedly Falls

2026-04-07 03:45 By Kyrie Dichosa 1 min. read

Consumer prices in Thailand edged down 0.08% in March 2026, easing from a 0.88% decline in February and defying forecasts of a 0.20% gain.

This marked a year-long deflation, the longest stretch since the pandemic, but the softest decline in that sequence.

Inflation remains well below the central bank's 1%-3% target range.

Thailand’s reliance on crude oil imports from the Middle East has exposed the country to higher energy costs, with domestic diesel prices surging 36% since late February.

The Bank of Thailand now expects inflation to return to its target range faster than previously projected, partly due to rising oil prices, though it had earlier anticipated that headline inflation would only reach target levels in the second half of 2027.

Meanwhile, core consumer prices, which exclude volatile items such as food and energy, rose 0.57%, slightly above February’s 0.56% increase but below the expected 0.70%, marking the smallest growth since July 2024.



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Thailand CPI Unexpectedly Falls
Consumer prices in Thailand edged down 0.08% in March 2026, easing from a 0.88% decline in February and defying forecasts of a 0.20% gain. This marked a year-long deflation, the longest stretch since the pandemic, but the softest decline in that sequence. Inflation remains well below the central bank's 1%-3% target range. Thailand’s reliance on crude oil imports from the Middle East has exposed the country to higher energy costs, with domestic diesel prices surging 36% since late February. The Bank of Thailand now expects inflation to return to its target range faster than previously projected, partly due to rising oil prices, though it had earlier anticipated that headline inflation would only reach target levels in the second half of 2027. Meanwhile, core consumer prices, which exclude volatile items such as food and energy, rose 0.57%, slightly above February’s 0.56% increase but below the expected 0.70%, marking the smallest growth since July 2024.
2026-04-07
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