The Bank of Thailand announced an interest rate hike by 25 basis points for a third straight meeting in an attempt to contain above-target inflation, while trying to cushion the impact on its economic recovery amid increasing global headwinds.
The Monetary Policy Committee on November 30, 2022, unanimously agreed to raise the one-day repurchase rate by 0.25 percentage point to 1.25% at its final review of the year. The decision was in line with a Reuters poll.
Earlier this month, Thailand reported that its inflation rate fell to 5.98% in October from 6.41% the previous month, slightly lower than the 6.00% expectation.
Core consumer prices increased 3.17% year on year in October, the most since July 2008, following a 3.12% gain in September and falling short of the 3.2% consensus. On a monthly basis, consumer prices increased by 0.33% in October, the third straight month of gains and the steepest growth in four months, after rising 0.22% in September.