Thailand's Headline Inflation Hits 13-Month High in May

The consumer price index (CPI) jumped 1.54 percent last month from a year earlier, accelerating from a 0.19-percent increase in April, according to the Ministry of Commerce.

The May inflation returned to within the Bank of Thailand's target range of 1-3 percent for the first time since April 2023.

The core CPI, which excludes raw food and energy prices, rose 0.39 percent year on year in May, edging up from a 0.37-percent gain in the previous month.

For the first five months of 2024, the headline CPI declined by 0.13 percent compared to the same period last year, said Poonpong Naiyanapakorn, director general of the ministry's Trade Policy and Strategy Office.

Headline inflation is expected to pick up at a slower rate in June owing to the government's measures to reduce electricity prices, along with softening prices of agricultural products thanks to the start of the rainy season, Poonpong told a news conference.

He also noted that the ministry maintains its headline CPI projection for 2024 at 0-1 percent.

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