The Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce reports that August inflation rose, but predicts a decline by the year end.
TPSO Director, Somkiat Triratpan, revealed that the inflation rate in August increased for a fifth month to 0.29 percent year-on-year, due to the price hike in fruit and vegetables as well as instant food during the Chinese ghost festival.
The inflation rate over the first eight months averaged -0.03 percent year-on-year since production in the auto, transport and communications industries fell by 3.01 percent. The TPSO expects the inflation rate to decline later this year.
The Ministry of Commerce maintains that the inflation rate in 2016 will average about 1 percent, based on its forecast of 2.8 – 3.8 percent economic growth for the year. The ministry also expects Dubai crude to range from 35-45 dollars per barrel and the Thai currency to appreciate to 35-37 baht per dollar.