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Thailand's inflation inches up in August

BANGKOK, Sept. 5 (Xinhua) -- Thailand's headline inflation inched up in August as energy prices rose despite stable food prices, official data showed on Tuesday.

The consumer price index (CPI), a key indicator of inflation, rose 0.88 percent year on year last month, slightly up from a 0.38 percent increase in July, according to the Ministry of Commerce.

The August inflation growth was below the Bank of Thailand's (BOT) target range of 1 to 3 percent for the fourth month.

The core CPI, which excludes raw food and energy prices, slowed for the eighth consecutive month, reaching a 19-month low of 0.79 percent year on year in August, edging down from 0.86 percent a month earlier because of softening production costs.

In September, headline CPI is expected to pick up slightly owing to elevated energy prices, higher food prices on the back of droughts, and government stimulus measures, which can increase domestic spending, said Poonpong Naiyanapakorn, director general of the ministry's Trade Policy and Strategy Office.

However, economic slowdown among the southeast Asian country's trading partners, the BOT's tightening monetary policy, and a high price base in September 2022 will moderate the inflation growth, Poonpong told a news conference.

He noted that the ministry expects headline inflation growth to range between 1.0 percent and 2.0 percent this year and will review the projection next month.