Thai October headline CPI rises 3.9pct on year, highest level in nearly four years

Bangkok, Thailand experienced a significant rise in its headline consumer price index (CPI) by 3.9% in October compared to the previous year. This marked the highest monthly level in nearly four years, primarily due to increased costs in oil, food, and transport sectors. The Commerce Ministry disclosed this data on Friday, noting that the figure surpassed market expectations of a 3.24% rise, as indicated in a Reuters poll.

This marked the first instance in nearly four years that headline inflation surpassed the central bank's target range of 1% to 3%. The core CPI, which excludes volatile energy and fresh food prices, climbed by 1.58% in October from a year earlier. The ministry projected headline inflation to continue rising in November, but maintained its annual forecast for inflation within the range of 1.8% to 2.2%.

Nantapong Chiralerspong, head of the ministry's Trade Policy and Strategy Office, expressed confidence that inflation would remain stable throughout the remainder of the year, stating that it is not excessively high.