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Inspector General of the Ministry of Commerce Somkiat Trirattanapan revealed that prices of ready-to-eat meals are on the rise, while predicting this year’s inflation rate would be in the range of 1.8 – 2.5%.
Mr. Somkiat said last month’s inflation index was at 106.65, a decrease of 0.5% from the previous month and an increase of 0.6% compared to the same period of 2013.
He explained that the rising inflation last month was at a slower rate compared to the previous months due mainly to the fall in petrol prices.
Mr. Somkiat also indicated that prices of pork, chicken, eggs, dairy products, vegetables and fruits are on the decline because of the increasing supplies. However, despite the decreasing prices of the aforementioned products, an increase in prices of other ingredients such as cooking oil, condiments, and cooking gas has subsequently pushed the prices of ready-to-eat meals such as noodles, various snacks, fried rice, hamburger, and etc.
The Inspector General predicted that the inflation in the next couple of months would likely remain rising at a slower pace as the fuel prices still show signs of declining, while indicating that the production cost would start to clampdown.
He expected this year’s inflation rate would be in the range of 1.8 – 2.5% given that Dubai crude moves between 90-110 US Dollars a barrel in 2015