Thailand’s 2022 Inflation Hit 24-Year High, Up 6.08% YoY

Thailand’s yearly inflation rate rose to 5.89% in December, in line with analysts expectations, according to commerce ministry data released on Thursday.

The rate increased marginally from 5.55% in November. Monthly inflation fell by 0.06% in December, marking the second month of slowing.

Thailand’s inflation rate for the entire year was 6.08%, a 24-year high, which was within the Ministry of Commerce’s target range.

Meanwhile, the Core Consumer Price Index (CPI) in December rose 3.23% year-on-year, compared to a 3.22% increase in the previous month. 

In 2023, commerce officials expect headline inflation to slow to 2% to 3%, supported by a high base and a global slowdown.

The index, however, is set to remain high in the first quarter this year due to a low base in the same period last year, but should not top 5%, said senior commerce ministry official Poonpong Naiyanapakorn.