Commerce Ministry: June’s inflation rate as low as 2.56%

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BANGKOK, 2 July 2012  – The Commerce Ministry has revealed that the rate of inflation in June was as low as 2.56 percent thanks to the decrease in prices of oil and food.

According to Permanent Secretary of Ministry of Commerce Yanyong Phuangrach, the inflation rate in June was at 2.56 percent, increasing by 0.16 percent from that of the same period last year, but slighly decreasing from last month’s figure.

The decline was mainly attributed to the drop in the prices of food such as beef, vegetables, and seafood; and no less to the decrease of oil prices and the pegging of LPG price for another three months. This indicates that Thailand’s overall economy is stable in line with the Commerce Ministry’s control mechanism.

The rate of inflation in the second quarter is 2.51 percent on an average, resulting in the first 6 months’ avearge inflation rtate of 2.95 percent. The third quarter’s is expected to be under 3.3 percent. Mr. Yanyong was confident that Ministry of Commerce would be able to keep the inflation at no more than 3.3-3.8 percent; however, it would have to keep an eye on the global economy, natural disasters, and exchange and interest rates; all of which would have an impact on investments and the cost of living