Thailand’s headline consumer price index (CPI) slipped 0.49% year-on-year in November 2025, extending the country’s deflationary trend for eight consecutive months, according to data released Wednesday by the commerce ministry. The latest figure compares to a 0.76% annual decline in October and is slightly better than the 0.60% fall predicted in a Reuters poll.
Despite the improvement, inflation remains well under the Bank of Thailand’s official target range of 1% to 3%. The core consumer price index—which strips out more volatile energy and fresh food components—climbed by 0.66% annually in November.
Looking ahead, the commerce ministry projects headline inflation in 2025 to be between -0.15% and -0.2%, with CPI expected to continue its downward movement in December. For 2026, headline inflation is forecast to edge higher, ranging from 0.0% to 1.0%. The ministry also noted that flooding situations should have minimal effect on overall inflation. According to the ministry, CPI could post an increase as early as the first quarter of 2026.
