BANGKOK (Reuters) – Thailand’s main consumer price index (CPI) rose 0.95% in November from a year earlier, driven by higher food and energy prices after a 0.83% annual rise in the previous month, the Wednesday of the Ministry of Commerce.
The figure compared with a 1.1% growth forecast in a Reuters poll and was below the central bank’s target range of 1% to 3%.
The core CPI rose 0.80% in November from a year earlier, slightly above the forecast increase of 0.77%.
For January-November, the average annual cumulative inflation amounted to 0.32 percent, the basic one – 0.55 percent.
Headline inflation could be between 1.2% and 1.3% in December and between 0.4% and 0.5% for the whole year, Poonpong Naiyanapakorn, director of the ministry’s trade policy and strategy department, told a press conference.
The ministry forecast inflation to range between 0.3% and 1.3% in 2025, supported by expected stronger economic growth and government stimulus measures.
On Tuesday, Finance Minister Pichai Chunhavadira said he wanted further rate cuts to support the economy as inflation was low.
Bank of Thailand Governor Setaput Suthivartnarueput said on Tuesday that a mix of policies is needed to manage the economy as interest rates alone cannot solve everything.
In October, the central bank’s monetary policy committee unexpectedly cut its key interest rate by a quarter of a point to 2.25%, but said it was not the start of an easing cycle.
The next policy review will take place on December 18.
