On November 6, Thailand’s Ministry of Commerce reported that the Consumer Price Index (CPI) rose by 0.83% year-on-year (YoY) in October, while the average CPI for the first ten months of 2023 showed a smaller 0.26% increase compared to the same period in 2022. This inflation rate remains below the Bank of Thailand’s target range of 1-3%.

The primary drivers of inflation in October were higher food prices, along with rising diesel and electricity costs. However, gasoline and gasohol prices declined, reflecting global energy market trends. Other goods and services had minimal impact on inflation levels.

Looking forward, the Ministry of Commerce maintains its 2024 inflation forecast between 0.2-0.8%, with a median expectation of 0.5%. This aligns closely with the Bank of Thailand's forecast, which projects inflation rates of 0.5% for 2024 and 1.2% for 2025. The central bank anticipates inflation to gradually return within its target range by late 2024.