BANGKOK, 2 Dec 2014 – According to the Commerce Ministry, Thailand’s inflation rate in November increased 1.26% to stand at 107.19, the lowest expansion in 5 years. However the ministry is confident the rate would not lead the Kingdom to a deflation condition.
Deputy Permanent Secretary for Commerce Ampawan Pichalai said the figure is the lowest since November 2009. It has also been slowed for the seventh consecutive month. However, the figure is still far from the deflation point which requires a negative growth for six consecutive months.
The Ministry predicted an average inflation growth of 2.02% during the first 11 months of this year due to the adjusted down of domestic and global fuel prices, as well as the drop in prices of perishable goods due to the sheer number of supply. The annual average inflation rate is estimated at 2%.
The Deputy Permanent Secretary added the inflation rate next year would increase in the range of 1.8% – 2.5% on the premise that Thailand’s economic growth is in the range of 4%-5%, and that Dubai’s crude oil has an average price of 90-110 dollars per barrel while the US dollar exchange rate is around 31 – 34 baht per dollar.