March inflation beats forecast, still at 13-year high

A woman shops at Bang Kapi market in Bangkok on March 15, 2022. A higher inflation rate in Thailand may cause domestic spending to recover slower than the previously forecast. (Photo: Varuth Hirunyatheb)

Headline consumer price index (CPI) jumped by a higher-than-expected 5.73% in March from a year earlier, the fastest pace in 13 years, driven by stronger prices of goods and energy, the Commerce Ministry said on Tuesday.

That compared with a forecast for a rise of 5.60% in a Reuters poll and followed February's 5.28% increase, breaching the top end of the Bank of Thailand's target range of 1% to 3% for a third straight month.