Economic data released today, Tuesday, showed that consumer prices in Thailand rose in the last month at the quickest pace in 4 months due to rising energy prices.

The Thai Ministry of Commerce reported that the consumer price index increased last month by 0.88% annually, whereas analysts surveyed by Bloomberg News had only expected it to rise by 0.61%.

Bonpeng Nayanapakorn, the director-general of the Department of Trade Policy and Strategy in the ministry, stated that inflation rates are expected to stabilize during the current month or register a slight increase in line with the rising costs of fuel, electricity, and cooking gas.

At the same time, local demand in Thailand is expected to improve, supported by government stimulus measures, which will increase inflationary pressures in the coming months. The ministry may adjust its estimates for the core inflation rate for the entire year, which is expected to range between 1% and 2% annually.

The average inflation rate during the first eight months of the current year was 2.01%.