Mr. Nantapong Chiralerspong, Director General of the Trade Policy and Strategy Office (TPSO), disclosed that Thailand’s Consumer Price Index (CPI) for April 2026 stood at 103.03, reflecting a headline inflation rate of 2.89%, an increase compared to the same period last year.
This rise was primarily attributed to a significant increase in domestic fuel prices, driven by ongoing conflicts in the Middle East and the continued closure of the Strait of Hormuz. The resulting impact has led to a rise in public transportation fares and an increase in the price of ready-to-eat foods, as businesses have passed on higher costs to consumers. Furthermore, the price of fresh vegetables rose due to extremely hot weather conditions.
Meanwhile, the average headline inflation rate for the first four months of the year (January–April 2026) was recorded at 0.32%.
As for the Core Consumer Price Index (Core CPI) in April 2026, the figure stood at 102.12, marking an increase of 0.83% compared to the same period last year. Consequently, the average core inflation rate for the first four months of 2026 was 0.64%.
Krungsri Securities (KSS) wrote that headline CPI for April rose by 2.89% year-on-year, a faster pace than market expectations, largely driven by higher energy and food costs, with the previous month showing a year-on-year drop of 0.08%.
Meanwhile, core inflation increased by 0.83% year-on-year, up from the previous reading of 0.67%, placing it close to the Bank of Thailand (BOT)’s target range of 1-3%.
The brokerage observed that although inflation remains above the policy rate of 1.0%, this outcome falls within projections previously set by the central bank.
Considering the current economic environment, the analyst expects the BOT to maintain its accommodative policy stance and keep interest rates low to support the economy, emphasizing the importance of coordination between fiscal and monetary policies in this challenging context.
Krungsri highlighted that the present policy and inflation outlook support investment in sectors poised to benefit from stable interest rates. The firm identified commercial banks, notably KBANK and KTB, as likely beneficiaries, given that policy rates are not expected to fall further.
Additional advantageous sectors include construction (STECON, PYLON), industrial estates (AMATA, WHA), utilities and power (GULF, GUNKUL), energy (PTT), and telecommunications (TRUE, ADVANC).
Top-pick stocks include KBANK, GULF, GUNKUL, AMATA, and, for speculative trade, STECON.
