Thailand's inflation rate returned to the central bank's target range for the first time in seven months, providing the Bank of Thailand with leeway to resist calls from the government for further interest rate reductions. Despite this development, the government continues to push for measures to accelerate price gains.
Thailand ’s inflation returned to the central bank’s target range for the first time in seven months, giving monetary authorities scope to fend off government calls for more rate cuts as global uncertainties mount. Consumer prices rose 1.23% in December from a year ago, according to data released by the Commerce Ministry on Monday (Jan 6). The gauge, which has stayed below 1% for most of 2024, hit the Bank of Thailand ’s (BOT) 1 -3% target for the first time since May.
The December print was still below analysts' median expectation for a 1.4% gain. Full-year inflation averaged 0.4%. Core inflation stood at 0.79%, little changed from 0.8% in November, while consumer prices fell 0.18% month-on-month in December, the ministry said. Price growth is expected to exceed 1% in the first quarter on higher diesel and food prices, although the minimum wage hike won’t be much of a factor, Poonpong Naiyanapakorn, director general of the Trade Policy and Strategy Office, told a briefing in Bangkok. While the return of inflation to the target band is line with BOT’s previous guidance, the government wants the central bank to take measures to accelerate price gains to 2%. The government and BOT have sparred for months over how best to jumpstart Southeast Asia’s second-largest economy after about a decade of lackluster growth. The rate panel next meets on Feb. 26. Thai rate-setters last month ignored government calls to cut borrowing costs and held the benchmark rate steady at 2.25% after a quarter-point reduction in Octobe
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