Thai inflation hits near 7-year high at 6pc
Afp, Bangkok
Thailand's inflation rate spiked to a near seven year high of six percent in September, the commerce ministry said Monday, blaming oil prices for the increase. The ministry's permanent secretary Karoon Kitisathaporn said the increase was due to soaring fuel costs, with oil prices at 35.60 dollars a barrel in September 2004, against 56.70 dollars last month. The ministry did not revise its annual inflation projection of 4.0-4.2 percent, saying the average rate for the first four months of the year was still 4.0 percent. Food prices rose 1.1 percent compared to August, while non-food items rose 0.5 percent, the ministry said. "The inflation will not affect the economy because people will receive higher incomes," Karoon said, noting that government workers were due for a pay hike and that debate was underway on raising minimum wage.
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