A vendor is seen at a food market in Bangkok, Thailand, March 30, 2022. (Xinhua/Rachen Sageamsak)

Thailand's central bank said Wednesday that the Southeast Asian country's headline inflation will exceed this year's target range on higher energy and food prices, but it decides to keep the benchmark policy rate unchanged to support economic recovery.

The Bank of Thailand (BOT) expected the headline inflation would rise 4.9 percent in 2022, above the target range of 1-3 percent for this year, but projected the inflation pressure would ease in early 2023 with energy and food prices stabilizing.

The BOT monetary policy committee voted unanimously to maintain the policy rate at a record low of 0.5 percent, for the 15th consecutive meeting and since May 2020.

The committee said it continues to put emphasis on supporting economic recovery, but will closely monitor key factors affecting the economic and inflation outlook, namely the global energy and commodity prices, higher cost pass-through, and geopolitical risks that could elevate and pose uncertainties in the period ahead.

It "stands ready to use appropriate monetary policy tools if necessary," said the BOT in a statement on its website.

The central bank expected the Thai economy to grow 3.2 percent in 2022 and 4.4 percent in 2023 amid improving domestic demand and tourism.

The country's consumer price index, a main gauge of inflation, surged 5.28 percent year-on-year in February, the fastest pace since September 2008, according to the Ministry of Commerce. For the January-February period, the index grew 4.25 percent from one year earlier. 

A vendor is seen at a food market in Bangkok, Thailand, March 30, 2022. (Xinhua/Rachen Sageamsak)

Vendors are seen at a food market in Bangkok, Thailand, March 30, 2022. (Xinhua/Rachen Sageamsak)

A vendor displays a fish at a food market in Bangkok, Thailand, March 30, 2022. (Xinhua/Rachen Sageamsak)