• Thailand’s headline inflation rate in July 2025 contracted steeper than expected at 0.70 percent YoY, pressured primarily by supply-side factors, including declining energy, vegetable, and fruit prices.
• Thailand’s inflation rate for the first seven months of 2025 remained low at 0.21 percent YoY, with lingering deflation risks.
• Given this, KResearch maintains its 2025 Thai inflation forecast at 0.3 percent, with 3Q25 expected to remain negative, while 4Q25 may turn positive.
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