Thailand’s inflation rises to 2.5 percent in October

11.01.07, 1:13 AM ET

BANGKOK (Thomson Financial) – Thailand’s inflation rate in October rose to 2.5 percent from a year earlier due to a spike in energy costs and rising food prices, the Commerce Ministry said Thursday.

The October figure was in line with the market’s forecast and was up from September’s inflation figure of 2.1 percent.

‘A sharp rise in oil prices was the major factor pushing up inflation,’ said an official.

Energy prices in October jumped 15.6 percent from the year before and transportation costs increased 5.8 percent, while overall food prices also rose 2.6 percent, the ministry said.

Core inflation, which excludes volatile food and energy prices, rose 1.0 percent.

World oil prices barreled through new records of more than 96 dollars per barrel in Asian trade Thursday, and analysts warned Thailand’s inflation could climb to the 3.0 percent level.

But the ministry said it would keep its inflation forecast this year unchanged at 2.0 to 2.5 percent.

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