Tuesday August 05, 2008 
Tuesday August 05, 2008
Thailand inflation rate surges to new 10-year high of 9.2% in Jul 2008
Thailand's inflation rate jumped to a fresh 10-year high of 9.2% in July 2008 due to surging oil and food prices, the commerce ministry said Friday [1 Aug 2008]. Fuel prices in Thailand rose 46.9% year-on-year. Food prices jumped by 11.8% due to the rising cost of rice and flour which rose 33.5%. Inflation in Thailand had already hit a decade-high of 8.9% in June 2008. Central bank officials warned the figure could reach double digits this month.
- Being a major producer of rice - and in fact at times called the "Saudi Arabia of rice" - has not protected Thailand from inflationary pressures. In fact, with inflation rates poised to go over 10% any time now, Thailand is well ahead of both Singapore and Malaysia in the Asian inflationary race - whether this race is "amazing" or not is up to you to decide. As things stand right now, they are only behind Vietnam.
See also :
1. Global food crisis looms as Asia's rice bowl empties and world price soars
2. Thai rice price at new record high of US$1000 a tonne as Asian food crisis worsens
(2008-08-05 12:51:24 SGT)
[Biz]
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