The Ministry of Commerce reports that the inflation rate rose 0.99% for the fourth consecutive month in November, the highest jump in 9 months. Factors contributing to the hike were the higher fuel prices and the enactment of a new excise tax law which has driven up the prices of tobacco products in the country. The new law itself caused a jump in inflation by 0.08% despite falling prices of dairy products. The report went on to say that the inflation rate during the past 11 months averaged 0.66% which is between the projected rate of 0.4-1%. The ministry forecasts that in 2018, global oil prices will be around US$50-60 per barrel while the Thai currency will move within the range of 33-35 baht per dollar. The overall economic growth is forecast at 3.5-4%.