August CPI hits three-month high; tourist arrivals lag 3% through August. AMRO flags 2.4% growth but weak SME transmission.
Thailand · Economy & markets
Sep 8, 2026 · Issue 20 · 3 min read ·
Inflation at 2.53% tests household costs amid uneven growth
August inflation accelerated to 2.53% while foreign arrivals fell 3% year-on-year through August, even as investment in tech and electronics continues.
Three things to know
01
August CPI at 2.53% raises household costs without shifting BOT hold path
02
Tourist arrivals 3% below prior pace pressure hotel and retail receipts
03
Investment gains remain concentrated; SMEs see limited lift per AMRO
The Week in Thailand
1. August inflation rises to 2.53% on fuel and food
Headline CPI accelerated to 2.53% year-on-year from 1.95% in July, the highest in three months. Fuel prices stayed elevated from Middle East tensions and food costs rose across prepared meals and fresh produce. The Commerce Ministry kept its 2026 forecast at 1.5-2.5%.
Thailand recorded 20.93 million visitors January-August, down 3.08% from a year earlier. China led with 3.54 million but overall volume trails 2025 pace. TAT still targets 33 million for the full year and ฿2.7 trillion revenue.
SET Index — Retrieved: 8 Sept 2026, 08:17 ICT; close time unavailable USD/THB — Daily observation: Sep 8, 2026 S&P 500 — Daily observation: Sep 4, 2026
SET leaders
Company
Price (฿)
YTD
DELTADelta Electronics
276.00
+52.9%
ADVANCAdvanced Info Service
357.00
+13.3%
PTT
41.50
+30.7%
GULFGulf Development
62.25
+48.2%
AOTAirports of Thailand
62.50
+16.8%
Quotes retrieved 8 Sept 2026, 08:17 ICT.
Money & Markets
3. SET closes week at 1,618.82 on inflows
The index rose 1.46% on September 7 to 1,618.82 amid foreign buying in technology names. Volume reached ฿60 billion. The move narrows the gap to the three-year high but remains below the July peak near 1,652.
AMRO projects 2.4% expansion for both 2026 and 2027 after its September visit, supported by private investment and tech exports. Growth stays concentrated in FDI-linked sectors while traditional SMEs and household incomes lag, limiting domestic demand transmission.
5. Japanese firms pivot to automation and clean energy
BOI data show Japanese applicants shifting from traditional manufacturing to automation, clean energy and higher-value products. In H1 2026, 123 projects worth ฿32.8 billion were filed, continuing a long-term reallocation away from labour-intensive lines.
DBD reported 36,277 foreign-invested entities own 1.06 million rai and 4.1 million square metres of condos. The department is intensifying nominee-structure reviews while noting many holdings are legitimate BOI or IEAT joint ventures.
The ministry maintained its full-year CPI target after the August print, citing expected electricity relief in September and contained core pressures. September prices are still forecast above year-earlier levels due to transport and food pass-through.
Sample single-origin beans and brewing gear from over 100 vendors at Thailand Coffee Fest 2026. IMPACT Exhibition Center, Halls 5-8, Nonthaburi. September 10-13, 10am-8pm daily. Free entry. https://www.bangkokfair.com/
AMRO notes FDI-backed electronics and data-centre projects have strengthened H1 investment but domestic linkages remain thin. Technology exports rose faster than non-tech shipments, leaving traditional manufacturers and service SMEs with limited order books or wage gains.
