Consumer prices in Thailand fell 0.08% year-on-year in March 2026, following a 0.88% drop in February and surprising markets that had anticipated a 0.20% increase. This extended the country’s deflationary run to a full year—the longest since the pandemic—though March recorded the mildest decline in that period. Inflation remains well below the central bank’s 1%–3% target range. At the same time, core consumer prices, which exclude volatile components such as food and energy, rose 0.57% from a year earlier, marginally above February’s 0.56% increase but short of the 0.70% consensus forecast, and representing the weakest core inflation since July 2024.