Inflation in Thailand: 2024 Overview

Inflation in Thailand Reached 1.23% in December

The Ministry of Commerce of Thailand reported that the inflation rate in December 2024 stood at 1.23%, with the average annual rate at 0.4%. Both figures align with the ministry's forecasts and fall within the lower boundary of the Central Bank's target range. On a monthly basis, consumer prices decreased by 0.18%.

Key Drivers of Inflation Growth:

• Rising costs of fuel and fresh food.
• Increased prices of alcohol and tobacco due to government policies.

Inflation Dynamics by Categories:

• Food and non-alcoholic beverages: +1.28%
• Clothing: -0.51%
• Housing and furniture: +0.39%
• Healthcare and personal care: -0.37%
• Transportation and communications: +2.71%
• Recreation and education: +0.37%
• Alcohol and tobacco: +0.82%

Inflation by Regions:

• Bangkok: +1.17%
• North: +1.19%
• Isan: +0.95%
• Central: +1.33%
• South: +1.91%

Outlook for 2025

The Ministry of Commerce of Thailand has maintained its forecasts for key macroeconomic indicators:

• GDP growth: 2.3–3.3%
• Dubai crude oil price: $70–$80 per barrel
• Exchange rate: 34–35 baht per US dollar

Tourism Overview for 2024

Thailand welcomed 35.5 million tourists in 2024, a significant increase from 28 million in 2023.

Top 5 Countries by Number of Tourists:

1. China: 6.733 million
2. Malaysia: 4.952 million
3. South Korea: 1.869 million
4. India: 1.129 million
5. Russia: 1.745 million

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