Thailand’s annual inflation accelerated to 3.9% in October 2026 from 2.82% in September, exceeding the 3.33% market forecast and moving above the Bank of Thailand’s 1%-3% target range for the first time in roughly four years. The Commerce Ministry said the reading was the fastest annual increase in almost four years and the highest since January 2023. Higher fuel prices associated with the Middle East conflict, flood-related food costs and elevated raw-material expenses contributed to the increase. Core inflation rose to 1.58% from 1.50%, slightly below the 1.6% forecast and at its highest level since May 2023. Officials expect the headline increase to be temporary, while the Commerce Ministry forecasts average inflation of 1.8%-2.2% for 2026. Price pressures may remain elevated through year-end partly because of a low base effect, even as the Bank of Thailand keeps its policy rate at 1% amid subdued domestic demand.