Thai Inflation Rise 1.54% in May 2024 to Central Bank’s Target Range

The Trade Policy and Strategy Office (TPSO), Ministry of Commerce, revealed on Friday that Thailand’s consumer price index (CPI) or inflation figures for May rose by 1.54% YoY to 108.84.

The rise was mainly from a temporary factor, a low base of last year’s electricity prices, and an increase in energy prices (gasoline), as well as a surge in fresh food, vegetable, and egg prices.

The average CPI for the first five months of 2024 (Jan-May) was at a negative 0.13%.

Core CPI for May increased by 0.39% YoY to 104.74, while the average figure for the first five months edged up by 0.42%.


Headline inflation is now at the Bank of Thailand’s target range of 1-3%. However, it should take some time and more data to digest before the central bank starts shifting its monetary policy.

The next policy rate review is on June 12, when most economists expect no change in the benchmark.