Inflation quickens to 13-month high
- Published: 2 Jan 2013 at 11.58
- Online news:
Thailand's inflation accelerated to a 13-month high in December, exceeding economists' estimations, as state subsidies failed to counter rising food prices.
An index of consumer prices rose 3.63% last month from a year earlier, the Ministry of Commerce said in Nonthaburi province outside Bangkok on Wednesday, compared with a 2.74% increase reported earlier for November. The median estimate of 12 economists in a Bloomberg News survey was 3.22%.
The Bank of Thailand cut the benchmark interest rate twice last year to support the economy as it recovered from the floods of 2011 and global demand for its exports weakened. The government has raised minimum wages and offered a diesel-tax subsidy to boost consumption, while the monetary authority has forecast inflation will slow to 2.8% this year.
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