Thailand Consumer Prices Fall More Than Forecast

Consumer prices in Thailand fell 0.76% year-on-year in October 2025, exceeding market expectations of a 0.70% drop and following a 0.72% decrease in September. This continued a seven-month streak of falling prices, underscoring concerns about weakness in the economy and keeping inflation well below the central bank’s 1%–3% target range. The Bank of Thailand noted that the decline in consumer prices was largely attributable to supply-side factors, with notable softness observed in both oil prices and prices for a broad range of goods, which together served as the main drivers of the overall reduction. Meanwhile, core consumer prices, which exclude volatile items such as food and energy, continued to show a positive, albeit soft, increase of 0.61% on an annual basis. This was slightly below market expectations of 0.64% and down from the 0.65% increase in September, marking the lowest pace of core inflation since July last year.