Inflation in November edges up

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BANGKOK, Dec 2 – Consumer Price Index (CPI) in November stood at 105.86, resulting in an increasing inflation rate of 1.92 per cent.

Urawee Ngaorungruang, deputy director-general of Thailand’s International Trade Promotion Department, said the higher inflation was due to rising food prices.

Compared to the first 11 months of this year, the inflation rate in November rose 2.24 per cent in accordance with higher food prices.

Ms Urawee said the 2013 inflation rate should be within the range of 2.1-2.6 per cent as earlier projected, lower than that in 2007 which stood at 2.3 per cent.

According to a survey on a list of 450 goods items essential to living, prices of 194 items were adjusted upward, of 87 items downward and 169 items unchanged.

Inflation is gradually lower thanks to declining oil prices in the world market and unchanged demand.

However, the inflation rate next month is expected to rise to 2 per cent, for the Bank of Thailand’s Monetary Policy Committee (MPC) reduced policy interest rate at 0.25 per cent, resulting in higher spending during the coming New Year holiday period.

Inflation rate next year is forecast to stay within the range of 2.0-2.8 per cent under the condition that economic growth is at 3-3.5 per cent, Dubai crude oil price remains at US$95-115/barrel, and currency exchange is at Bt29-34 against dollar.