Thailand raises interest rates for first time in more than three years

The central bank of Thailand raised the benchmark policy rate for the first time in more than three years, joining a global tightening spree to tame inflation.

The bank's monetary policy committee has decided to increase the one-day repurchase rate by 25 basis points to 0.75%, as forecast by 24 of 27 economists in a Bloomberg survey. The remaining three had predicted a 50 basis-point hike. The rate was last increased in December 2018.

Wednesday s action follows months of central-bank talk about the need to raise rates sooner to avoid large moves later in life. Governor Sethaput Suthiwartnarueput as well as Finance Minister Arkhom Termpittayapaisith believe that gradual moves are enough to counter inflation, even as Asian peers from Philippines to India have raised their policy rates by more than 100 basis points this year in response to the Federal Reserve tightening.

The government expects gross domestic product to grow by 3.3% this year, in line with the forecast of the central bank in June. The expansion pace is poised to be among the slowest in Southeast Asia in 2022.

While the headline inflation rate was 7.61% a bit below June s 7.66%, it is still way above the central bank's 1% -- 3% target last month. In July, the core price gains, which stripes out volatile food and fuel items, were almost 3%, a gain that was quicker than 2.51% a month earlier.

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