Thailand’s headline inflation recorded a continual decrease for the sixth consecutive month in March, the commerce ministry reported on Friday. This trend falls outside of the central bank’s aim for the 11th month in a row.
March’s consumer price index (CPI) fell by 0.47% compared to the prior year – a drop slightly greater than the anticipated 0.40% that Reuters predicted. This result stays outside of the central bank’s targeted range of 1% to 3%.
This decline was attributed to governmental energy subsidies, a drop in consumer goods prices, and reduced food costs, according to the Director of Trade Policy and Strategy Office, Poonpong Naiyanapakorn.
“Inflation in Q2 is likely to be higher than in Q1 due to rising global oil prices and a weaker baht,” he noted.
Notwithstanding, in March, the core CPI, which does not account for irregular food and energy prices, saw a year-on-year rise of 0.37% – just slightly lower than the projected 0.40% increase.
The ministry has subsequently revised its 2024 inflation forecast to a range of 0.00% to 1.00%, adjusted from the previous -0.30% to 1.7%.
