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(Bloomberg) — Thailand’s headline inflation slowed for a second straight month in June even as underlying price pressures continued to build, reinforcing the central bank’s view that the recent pickup in prices unlikely warrants an immediate interest-rate increase.
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The consumer price index rose 2.42% in June from a year earlier, decelerating from 2.79% in May, Commerce Ministry data showed Monday. The reading was below the 2.7% median estimate in a Bloomberg survey of economists.
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The softer headline print suggests the inflationary impact of this year’s oil shock may have peaked in April, easing concerns that higher energy costs would become entrenched in Thailand, one of Southeast Asia’s largest oil importers. Economists also expect inflation in the Philippines, which reports June data on Tuesday, to moderate.
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The Bank of Thailand has consistently argued that the rise in inflation is temporary and has signaled it is willing to look through near-term price pressures to support growth. Policymakers left the benchmark interest rate unchanged at 1% for a second consecutive meeting in June, among the lowest policy rates globally.
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Governor Vitai Ratanakorn said after the June 26 policy decision that there is currently no case for raising rates and that the central bank would tighten policy “only if necessary.” The next monetary policy meeting is scheduled for Aug. 26.
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On a month-on-month basis, the price index fell 0.34% in June, after rising 0.17% in May. Core inflation, which excludes food and energy prices, accelerated to 1.23% from 0.92% in May.
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—With assistance from Claire Jiao.
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