The commerce ministry announced that Thailand’s headline Consumer Price Index (CPI) had a year-on-year increase of 0.61% in September, up from the previous month’s 0.35% rise.
Still, the figure fell short of the 0.80% forecasted in a Reuters poll and remains under the central bank’s target range of 1% to 3%. The core CPI, excluding volatile food and energy prices, rose by 0.77% year-on-year in September.
The finance minister, Pichai Chunhavajira, stated on Monday that Thailand’s inflation rate is likely to dip below the target range for the year. He mentioned that the government will look into strategies to bring the rate back within the desired range.
Pichai expressed his preference for a higher inflation target, suggesting that an interest rate cut could stimulate investment in Thailand. He advocated for inflation to hover around the midpoint of 2% to 3%.
He said that he will continue discussing with the Thai central bank on how to bring inflation back to target.
