Inflation eases on energy subsidies
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Thai inflation eased in October, rising only 3.32 per cent from the same period last year compared to 3.4 per cent in September.
According to the Commerce Ministry's data, government's energy subsidies contributed largely to the slowdown.
While food and drink prices went up 3.35 per cent on year in October, non-food inflation rose 3.28 per cent - mostly due to the 7.68 per cent increase in prices of tobacco and alcoholic drinks. In the non-food category, the transport and communication price index rose only 4.22 per cent.
Thailand's inflation averaged at 2.99 per cent during the first 10 months of this year, well below the Bank of Thailand's core inflation target of 0.5-3 per cent and the Commerce Ministry's 3.34 per cent forecast.
"Inflation slightly eased to the sustainable level in line with the economic condition," said Vatchari Vimooktayon, permanent secretary for commerce.
"Comparatively, among Asean nations, Thailand's inflation is below that of Indonesia, Hong Kong, the Philippines, Laos, Singapore, India and Vietnam. Only Malaysia and Brunei's inflation is lower than ours," she added.
So far this year, Dubai crude oil prices have been volatile, with the monthly average moving from US$94.24 per barrel to in June to $122.28 in March. The monthly average in December 2011 was $106.21 per barrel.
