Thailand’s headline consumer price index (CPI) in January dropped more than expected to its lowest level in 35 months, contracting 1.1% from a year earlier, compared to a decline of 0.83% year-on-year in December 2023 and a fall of 0.82% polled by Reuters.
Meanwhile, the core CPI rose 0.52% YoY in January, compared to a 0.57% rise forecast by Reuters poll.
The decline in prices was mainly driven by energy subsidies from the government’s measures, lower food prices, and a high base effect from last year.
It was the ninth straight month for Thailand that inflation was below the Bank of Thailand’s target range of 1-3%.
