Bangkok – The recent price hike in vegetables during the Vegan Festival, as well as rising oil prices, contributed to higher inflation in October of 0.86 percent. The figure falls within the expected range of 0.4 – 1.0 percent.
Among the 420 products surveyed, 137 items were marked up, including fruits and vegetables, milk, food, and residential rental rates. The price of 200 items remained stable, while 85 items fell, including pork, chicken, and chicken eggs, due to less demand during school holidays. The inflation rate during the first 10 months of the year expanded 0.62 percent.
The Ministry of Commerce expects inflation to rise to 1 percent in the fourth quarter of 2017 but still fall within the expected percentage range for the entire year. Meanwhile, economic expansion is forecast at between 3 and 4 percent while the Thai baht is valued at around 34 baht per US dollar.