Inflation in March 2024 remained negative for the sixth consecutive month, but it is expected to turn positive in May (Business Brief No.4053)

• Thailand’s headline inflation in March 2024 stood at (-)0.47 percent YoY, a smaller decline than the figure of (-)0.77 percent YoY recorded in February, attributed to falling fresh food and energy prices which remained lower than in 2023.
• KResearch anticipates that Thailand’s headline inflation will turn positive from May 2024, if the government gradually reduces energy subsidies. At the same time, amid rising energy prices in the global market and high energy costs and related debt burdens in the country, the government may need to gradually increase domestic fuel prices, which could lead to Thai inflation moving into positive territory in May. For full-year 2024, headline inflation is expected to average 0.8 percent YoY.