Thailand’s inflation stayed below the central bank’s target for a fifth straight month, building pressure on the monetary authority to continue with rate cuts to boost price gains and the economy.

Thailand's annual headline inflation rate quickened in October due to higher energy and food prices, the commerce ministry said on Wednesday, but still remained below the central bank's target range of 1% to 3%.

Thailand delayed naming a new central bank chairman as opposition mounted against the government’s bid to push the candidacy of a former finance minister to tighten its grip over the monetary authority.

Thailand's central bank said on Monday the independent committee that will choose the next Bank of Thailand board chairman has postponed its decision to next week to give it more time to consider information.

The independence of central banks is being challenged and they have come under more pressure lately than at any time in the past decade, the Bank of Thailand (BOT) chief said, according to a speech transcript released on Monday.

Thailand’s central bank today (November 4) postponed selecting a new chair, several days after four former governors aired concerns over potential political interference in its operations.

Thailand will stick to an inflation target of 1% to 3% for next year, a win for the central bank that has resisted the government’s demands to set a higher band to make room for price gains and spur further rate cuts.

The comments were delivered at a time when the Bank of Thailand had clashed with Thailand's government over monetary policy

The Bank of Thailand (BOT) said the independent committee selecting its board chairman had delayed its decision by a week on Monday, as former central bank governors warned political interference in monetary policy could weaken the economy.