Consumer prices in Thailand increased by 2.79% year-on-year in May 2026, slowing slightly from April’s 2.89% and coming in well below market expectations of a 3.90% rise. This was the second straight month of positive inflation following a year-long period of deflation. According to DBS, higher domestic fuel prices likely drove May’s inflation higher, while rising transport and input costs may have prompted firms to pass part of these expenses on to consumers.
On a monthly basis, consumer prices rose 0.17% in May, a significant moderation from the 2.75% surge recorded in April. Core inflation, which excludes volatile categories such as food and energy, climbed to an 11‑month high of 0.92%, slightly above the 0.90% forecast.
Looking ahead, headline inflation in June is expected to accelerate and could reach around 3%, according to the head of the Trade Policy and Strategy Office. Despite this, the Ministry of Commerce maintained its full‑year inflation projection at 1.5%–2.5%, keeping it within the central bank’s target range of 1%–3%.
