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Pattaya Daily News

31 October 2007 :: 12:10:13 pm 22939

Global Oil Price Push Won‘t change Thai Inflation target

BANGKOK, Oct 31 – Despite the continued rise in global oil prices, Thailand plans to hold the line to protect its economy against rampant inflation.
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Bank of Thailand Governor Tarisa Watanagase on Tuesday asserted the bank would not change its inflation target despite the continued rise in global oil prices.

She said the surge in the Nymex crude price in New York to a record high of US$93.53 per barrel is an external factor, which is beyond the central bank’s control.

The bank had closely monitored how the oil price hike would affect the inflation rate given higher product prices and transport costs.

However, the bank saw no need to revise the target of the core and general inflation rates set at 0.8-1.3 and 1.8-2.3 per cent respectively.

Amara Sripayak, senior director of the BoT Domestic Economy Department, said the crude price hike remained within the expected range.

The central bank estimated in a report on inflation trends in October that in the worst-case scenario, the Dubai crude price would soar to $80 per barrel.

Mrs. Amara said the bank had monitored the oil price situation during October 1-23 and found that the Dubai price held at an average price of $75 per barrel.

However, should crude prices stay high for 1-2 months, it would slow economic recovery.

Despite higher product prices and transport costs due to the oil price hike, she said, the bank remained confident the Thai economy would grow some 4.3-4.8 per cent this year and 4.5-6 per cent next year.

Reporter : PDN staff   Photo : Internet   Category : Business News

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