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:
- China: 6.733 million
- Malaysia: 4.952 million
- South Korea: 1.869 million
- India: 1.129 million
- Russia: 1.745 million
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