The country’s Consumer Price Index (CPI) rose 1.95% year on year in July, slowing from the 2.42% increase recorded in June, the Ministry of Commerce reported. Officials said the moderation in inflation was partly due to a monthly decline in domestic fuel prices. Officials added that weather risks linked to the El Niño phenomenon could further affect agricultural production and food prices. Despite these challenges, Thailand’s Ministry of Commerce kept its annual inflation forecast unchanged at 1.5%–2.5%. Economists note that Thailand is trying to balance price stability with economic growth, as tourism recovery and domestic spending remain key drivers of the country’s economic outlook.