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Thailand sees small impact on inflation after Saudi attacks

Updated: 16 September 2019 | 03:24 PM

 

Thailand expects minimal effect from petroleum prices on its inflation rate and exports after attacks on Saudi oil facilities, a trade ministry official said on Monday.

Saturday's drone assaults on Saudi oil facilities closed 5 per cent of global crude output and triggered the most significant surge in petroleum prices since 1991 later U.S. officials blamed Iran, and President Donald Trump said Washington had been"locked and loaded" to retaliate.

But the situation isn't expected to haul and ought to raise Thailand's inflation by only 0.01 per cent point, official Pimchanok Vonkorporn stated in a statement.

The ministry is claiming its own 2019 headline inflation forecast of 0.7percent -1.3 per cent, she explained, adding the effects of oil prices on inflation would be significantly less than that of a powerful baht,'' Asia's best-performing currency this year.

The strengthening baht that has gained 6.7% against the dollar up to now this season might maintain inflation less than 1 per cent this season, Pimchanok explained. Oil-related exports may grow only marginally, and the ministry is adhering into the government's yearly export growth target of 3 per cent in the second half of 2019, Pimchanok explained.

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