Thailand's September 2026 Inflation Comes in Below Expectations, Boosting Domestic Sector Stocks

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3▲10 ▼0Impact / 5
Summary · why it matters

The Ministry of Commerce reported that the headline consumer price index for September 2026 rose 2.82% year on year, accelerating from 2.53% in August but below the market expectation of 3.10%. Core CPI rose 1.50%, below the market forecast of 1.56% but accelerating from 1.44% in August. The research team at Phillip Securities assessed that the headline CPI trend in the fourth quarter of 2026 will remain continuously positive, supported by domestic retail fuel prices holding higher than a year earlier, gradually rising prepared food prices, higher travel expenses, and fresh food prices that are sensitive to weather and trending upward. The research team views this data as positive sentiment for the SET Index, especially for domestic sector stocks, given less-than-expected pressure on consumers' cost of living and business costs. It also noted that core CPI growing close to the previous month and in line with market expectations is a signal that consumer purchasing power has not entered a recession, with additional support from the two-month extension of the Thai Chai Thai Plus program. Strategist picks include BJC, CBG, COM7, CPN, CRC, HMPRO, ICHI, ILM, MRDIY, and SINGER.

Impact on assets 10

Consumer Discretionary▲
Com7 PCL
COM7
▲ PositiveMonetaryrelevance

Included in strategist picks as a domestic-sector beneficiary of below-forecast CPI and resilient consumer purchasing power.

Consumer Staples▲
Berli Jucker PCL
BJC
▲ PositiveMonetaryrelevance

Named among strategist picks benefiting from below-expectation September CPI easing consumer cost-of-living and business cost pressure.

Ichitan Group Public Company Limited
ICHI
▲ PositiveMonetaryrelevance

Named as a strategist pick benefiting from below-expectation September CPI easing consumer cost-of-living pressure on domestic sector stocks.

Real Estate▲