BANGKOK, Jan. 5 (Xinhua) -- Thailand's headline inflation fell for the third consecutive month in December 2023, reaching a 34-month low, as energy and food prices softened due to government measures, official data showed on Friday.
The December inflation growth was below the Bank of Thailand's target range of 1-3 percent for the eighth month.
The core CPI, which excludes raw food and energy prices, rose 0.58 percent in December, unchanged from the previous month and the lowest since February 2022.
For 2023, headline inflation expanded 1.23 percent, while core inflation rose 1.27 percent.
The continuous decline in inflation was attributed to the government's cost-of-living reduction measures. The price drop in goods and services was seen in only some sectors and was not deflationary, said Poonpong Naiyanapakorn, director general of the Ministry of Commerce's Trade Policy and Strategy Office.
Headline inflation is expected to decrease further in January, mainly due to measures on fuel and electricity. However, the tourism recovery may contribute to rising prices of related goods and services, Poonpong told a news conference.
He also noted that the ministry projects headline CPI to range between -0.3 percent and 1.7 percent in 2024, based on the kingdom's expected economic growth of 2.7 percent to 3.7 percent. ■
