Thai Feb headline CPI falls 0.77% y/y, slightly less than expected

Credit: REUTERS/Athit Perawongmetha

Adds details from paragraph 3 onwards

BANGKOK, March 5 (Reuters) - Thailand's headline consumer price index (CPI) THCPI=ECI dropped by 0.77% in February from a year earlier, a fifth consecutive month of falls, the commerce ministry said on Tuesday.

The figure compared with a 1.11% year-on-year drop the previous month. A Reuters poll had forecast a fall of 0.8% for February.

The core CPI THCPIX=ECI increased 0.43% year-on-year in February, versus a forecast rise of 0.5%.

The price decline was driven by lower prices of fresh food and meat from market supply, Poonpong Naiyanapakorn, the Director of Trade Policy and Strategy Office, told a briefing.

Electricity, diesel and fuel prices were also lower due to government subsidies, he said, adding that March inflation is expected to continue a downwards trend.

In the January-February period, the headline CPI dropped 0.94% year-on-year, while the core CPI rose 0.47%.

The commerce ministry predicts headline inflation for 2024 will be between -0.3% and +1.7%, with a midpoint of 0.7%. This rate aligns with the current economic situation, it said.

(Reporting by Orathai Sriring and Kitiphong Thaichareon; Writing by Chayut Setboonsarng; Editing by Martin Petty)

((orathai.sriring@tr.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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