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BANGKOK : Thailand's inflation rate jumped to a fresh 10-year high of 9.2 per cent in July due to surging oil and food prices, the commerce ministry said Friday.
Fuel prices in Thailand rose 46.9 per cent year-on-year in July, leading prices of non-food goods to climb 7.6 per cent, the ministry said in a statement.
"The main driver of rising inflation in July was oil prices that rose steeply over the past month before dropping a little.
"If oil prices in the second half of this year are around 120-130 US dollars per barrel, this year's average inflation may exceed 7.7 per cent," said Pairoa Sudsawarng, the deputy permanent secretary at the ministry.
Food prices leapt by 11.8 per cent due to the rising cost of rice and flour, which rose 33.5 per cent. Meat rose 19.2 per cent, while food seasonings and condiments increased by 16.3 per cent.
Thailand's inflation over the first seven months of the year averaged 6.6 per cent, driven chiefly by surging fuel costs, the ministry said.
Inflation in Thailand had already hit a decade-high of 8.9 per cent in June.
Central bank officials had warned the figure could reach double digits this month.
On Monday, the central bank said it expected inflation across the year to average 7.5 to 8.8 per cent -- up from previous estimates of 4.0 to 5.0 per cent.
- AFP/ir
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