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Thailand’s Commerce Ministry announced that Thailand’s inflation rate fell for the first time in 25 months as government support measures led to lower energy prices and lower food prices. Data showed that Thailand’s consumer price index (CPI) fell by 0.31% year-on-year in October, after rising by 0.3% year-on-year in the previous month. The Reuters poll predicted inflation would remain at 0.0% in October. At the same time, core CPI rose 0.66% year-on-year in October.
Thailand’s headline inflation rate fell below the central bank’s target range of 1% to 3% for the sixth consecutive month. The average overall CPI from January to October increased by 1.6% year-on-year, with core CPI rising by 1.41%. Thailand’s Ministry of Commerce predicts that overall inflation will remain between 1% and 1.7% this year.
The Bank of Thailand unexpectedly raised its key interest rate by 25 basis points to 2.5% in September, the highest level in nearly a decade, and said economic growth and inflation would rise next year. The next Monetary Policy Committee review will be held on November 29.
(Source: Reuters Image source: freepik)
