BANGKOK : Thailand’s headline consumer price index (CPI) rose 5.02 per cent in January from a year earlier, the slowest pace in nine months and below analyst forecasts, commerce ministry data showed on Monday.
The reading compared with a forecast for a 5.12 per cent rise in January in a Reuters poll and followed December’s 5.89 per cent increase. The core CPI index was up 3.04 per cent in January from a year ago, versus a forecast rise of 3.10 per cent.
Headline inflation is likely to be below 5 per cent in February, helped by easing energy and food prices, senior commerce ministry official Wichanun Niwatjinda told a news conference.Still, the pace remains well above the central bank’s target range of 1 per cent to 3 per cent, suggesting the central bank will raise its key interest rate further after hiking it at four consecutive meetings to try to bring prices back within target.
The central bank said previously that a continuing gradual rate rise is an appropriate course for a policy consistent with the growth and inflation outlook. It will next review policy on March 29.
The commerce ministry is sticking by its forecast for headline inflation at 2 per cent to 3 per cent this year, Wichanun said.
In 2022, headline CPI increased 6.08 per cent, a 24-year high, while the core CPI index rose 2.51 per cent.
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