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.
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.
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, 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%. (NNT)
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