BANGKOK (Reuters) – Thailand’s headline consumer price index (CPI) rose 5.02% 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% rise in January in a Reuters poll and followed December’s 5.89% increase. The core CPI index was up 3.04% in January from a year ago, versus a forecast rise of 3.10%.
Headline inflation is likely to be below 5% 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% to 3%, 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% to 3% this year, Wichanun said.
In 2022, headline CPI increased 6.08%, a 24-year high, while the core CPI index rose 2.51%.
(Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Ed Davies)
