Thai August headline CPI rises 2.53% on year, above forecast
BANGKOK: Thailand’s headline consumer price index rose 2.53% in August from a year earlier, following an annual rise of 1.95% in the previous month, the commerce ministry said on Monday. The August reading compared with a forecast increase of 2.37% in a Reuters poll, and was inside the central bank’s target inflation range of 1% to 3%. The core CPI, which excludes volatile energy and fresh food…
Thailand's headline consumer price index experienced a 2.53% increase in August when compared to the previous year, according to the commerce ministry's report released on Monday. This figure surpassed market expectations of a 2.37% increase, as indicated in a Reuters poll. The rise in the headline index remained within the central bank's desired inflation range of 1% to 3%.
The core CPI, which excludes energy and fresh food prices, climbed 1.44% in August from a year ago, aligning closely with the 1.39% projection in the poll. Nantapong Chiralerspong, the head of the Trade Policy and Strategy Office, indicated during a briefing that headline CPI was projected to continue its upward trajectory. The ministry retained its full-year inflation forecast for 2023, which ranges between 1.5% and 2.5%.
The predicted inflation rates for the third and final quarters of the year, respectively, stand at 2.37% and 2.70%. Bank of Thailand Governor Vitai Ratanakorn had previously stated in the previous week that the bank's monetary policy was both accommodating and suitable for the Thai economy. In a recent meeting, the Bank of Thailand decided to keep its key interest rate at 1.00%, citing low and uneven economic growth. The bank's next interest rate decision is scheduled for October 28.
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