Thailand’s inflation last month rose 108.92 points, or 3% year-on-year, commerce permanent secretary Yanyong Phuangrach said on Tuesday.
Mr Yanyong said December inflation rose 0.16 per cent from November . The annual average inflation for 2010 stood at 3.3 per cent.The increase was in line with the ministry’s forecast at 3.0 to 3.5 per cent, he said. Inflation should be between 3.2 and 3.7 per cent in 2011, he said.
Due to sharp increases in food and energy prices, annual inflation accelerated to 3% in December from 2.8% in the previous month. The commerce ministry forecasts inflation to stay between 3% and 3.5% this year. Month-on-month, consumer prices climbed 0.16%.
The Bank of Thailand had resumed monetary policy tightening in December in anticipation of a rise in inflationary pressures. The policy interest rate was raised by 25 basis points to 2% per annum. The central bank expects inflationary pressures to rise with increasing demand on the back of economic expansion.
The Thai baht will continue to rise as more foreign capital flows in to the domestic financial market, but stronger currency could slow what has been a strong export business.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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