Thailand Inflation Rises 5.55% in November, Below Expectations

Headline inflation in Thailand decreased for a third consecutive month, reaching 5.55% in November 2022 from 5.98% in the previous month and compared with market forecasts of 5.8-5.9%. This was the lowest monthly reading since April.

The Ministry of Commerce reported on Wednesday that Thailand’s Consumer Price Index (CPI) for November rose to 5.55%. The increase was driven by higher prices for food, fresh vegetables, and meat as a result of continuously high energy costs.

Core consumer prices went up 3.22% year on year in November, the most since July 2008, following a 3.17% increase in October and falling short of the 3.2% consensus.

The annual inflation rate for the first eleven months of 2022 (January to November) increased marginally to 6.10%.

As for the outlook for December, it is anticipated that it will be similar to that of the previous month based on energy prices, food prices, and transportation costs staying higher than they were during the same month last year, while domestic demand recovering.

Thailand’s headline CPI is expected to expand between 5.5% and 6.5% in 2022, up from 1.23% in 2021.