Authority:There is no possibility of deflation in Thailand

BANGKOK, February 3 (TNA) - The Ministry of Commerce has denied the possibility of deflation in the Thai economy, pointing out that Thailand's inflation did not run below zero per cent. As inflation ran at 1.93 per cent in January 2014, showing its slowest pace in three years, the Thai Ministry of Commerce insisted on Monday that it does not expect deflation, predicting that Thailand's inflation should run at 2-2.8 per cent throughout this year. Deputy Permanent Secretary for Commerce Urawee Ngowroongrueng confirmed that Thailand's consumer price index (CPI), the gauge of inflation, in January 2014 grew at 1.93 year-on-year, its slowest pace in three years. The permanent secretary for commerce assessed that inflation should run at 2-2.8 per cent throughout this year on the condition that the Thai economy would grow by 3-5 per cent and the government maintained its measures to shoulder people's costs of living. A latest survey on the prices of 450 product items in Thailand found rising prices in 202 items, unchanged prices in 190 items and lower prices in 58 items. (TNA)