Oil price drives up inflation in August
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The Nation Inflation in August increased by 0.32 per cent year on year following the rise in the price of oil, Pimchanok Vonkhorporn, director of Trade Policy and Strategy Office at the Commerce Ministry, said on Friday.
The oil price was the main factor in driving up the country’s inflation by 0.56 per cent in the first eight months of this year compared to the same period last year. The ministry has continued to target inflation at between 0.7 per cent and 1.7 per cent, she said.
The inflation target is based on the country’s economy growing at between 3 and 4 per cent, with oil price estimated at US$45 to $55 per barrel, and the baht valued at Bt34 to Bt36 per US dollar, she said.
