On August 5, 2026, Nantapong Chiralerspong, Director of the Trade Policy and Strategy Office (TPSO) under the Ministry of Commerce, announced that Thailand’s Consumer Price Index (CPI) for July 2026 was 102.10, up from 100.15 in the same month last year. This marks a 1.95% increase in headline inflation year-on-year, slowing from a 2.42% rise in June.
The main contributors to this inflation rate were persistently high domestic fuel prices, a result of the ongoing Middle East conflict, which also led to higher public transportation fares. Ready-to-eat food prices rose across the board, driven by increasing costs of food ingredients. Fresh vegetable prices also increased from the prior year, impacted by last year’s low base and the weak El Niño phenomenon. Other goods and services had only a marginal effect on overall inflation.
The non-food and beverage sector saw a 1.88% YoY increase, with transportation, housing rents, and cleaning products contributing to the rise. In contrast, prices for electricity, hotel rooms, some personal care items (like shampoo and face powder), and certain clothing dropped.
Food and non-alcoholic beverage prices increased by 2.04% YoY, supported by higher prices in ready-made dishes, noodles, fried rice, fresh vegetables, fruit, polished rice, and chicken eggs. Products with falling prices included pork, sticky rice, white shrimp, Nile tilapia, coconut, tamarind, and curry paste.
Month-on-month, the CPI declined by 0.73% from June, with the non-food and beverage category falling 1.45%, paralleling a drop in domestic fuel prices despite renewed Middle East tensions. The government continues to use the Oil Fuel Fund and refinery margin management to control retail fuel prices, while holiday toll exemptions and special promotions helped ease some cost-of-living pressures.
The month also saw a 0.40% rise in the food and non-alcoholic beverage segment, owing largely to increased prices for chicken eggs and pork caused by tighter supply and sustained demand. Polished rice, food ingredients, and ready meals also rose, while prices of aquatic products, some delivery meals, fruit, and certain vegetables declined.
Core inflation—which excludes fresh food and energy—rose 1.34% YoY, up from 1.23% in June. The average core inflation rate for the first seven months of 2026 was 0.87%.
Nantapong noted that core inflation’s rise is in line with rebounds in private consumption and consumer confidence, adding that current risks of stagflation remain low. Despite easing inflation, private spending, exports, investment activity, and low unemployment all point to economic resilience.
The average general CPI for January–July 2026 increased by 1.21% YoY. Looking forward, TPSO expects headline inflation in August to remain positive versus last year, driven by high domestic fuel and food costs, higher travel expenses, and rising fresh vegetable prices. Offsetting factors include slightly lower electricity rates and potentially cheaper fruit due to increased supply.
The TPSO maintains its 2026 inflation forecast at a range of 1.5 – 2.5%, with a midpoint of 2.0%.
