Thailand's Producer Price Index jumped 9.1% year-over-year in August 2026, driven by elevated global energy prices, weak baht, and low prior-year base. Mining products surged 23.9%, agriculture rose 8.3%, and manufacturing climbed 6.9%. While September is forecast to see further expansion, exporters face margin pressure from US tariff threats and baht strength, forcing some to absorb cost increases rather than pass them through—a critical squeeze for SMEs competing globally.