Thai Inflation Slows More Than Expected To 9-Month Low
(RTTNews) - Thailand's consumer price inflation slowed at a faster than expected pace at the start of the year to its lowest level in nine months on the back of lower food and energy prices, preliminary data from the Ministry of Commerce showed Monday. The consumer price index, or CPI, rose 5.02 percent year-on-year following a 5.89 percent increase in December. Economists had forecast 5.12 percent inflation. The latest inflation rate was the lowest since April last year, when it was 4.65 percent.
Headline inflation remained beyond the Bank of Thailand's target range of 1-3 percent, The rate peaked at 7.89 percent in August.
Core inflation, which excludes prices of energy and fresh food, slowed to 3.04 percent from a 14-year high of 3.23 percent in December. That was the lowest since July, when it was 2.99 percent.
Read more: Thailand Central Bank Hikes Key Rate To 1.50%, Signals More Tightening Thailand Manufacturing PMI Hits Second-Highest Score Ever - S&P Global Elsewhere on Monday, Finance Minister Arkhom Termpittayapaisith said the country's inflation is expected to slow further and return to the central bank's target range of 1-3 percent this year, helped by lower energy prices globally and recession concerns, Reuters reported.
The central bank raised its key interest rate for a fourth session in a row in January to 1.50 percent, and signaled more tightening ahead. The current level of the key rate was the highest since September 2019.
Policymakers assessed that a tight monetary policy is still required to bring down inflation to the target range amid an on-going recovery in the economy that is driven by a rebound in the tourism sector on the return of Chinese tourists.
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