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Commerce Permanent Secretary Siripol Yodmuangcharoen said at a press conference on Monday that in the month, core inflation, exclusive of volatile food and energy prices, stayed at 2.4 per cent. The annualised core inflation is also chopped from 3.5 per cent to 2.2-2.7 per cent.

The decline in oil prices also encouraged the ministry to revise down the annualised inflation from 6.5-6.9 per cent, to 5.9 to 6.3 per cent.

"The lower inflation is contributed largely by the decline in oil prices. We also foresee a continued drop in product prices," Siripol said.

In the first 10 months, inflation grew 6.3 per cent from the same period last year.

Oil prices have weakened to about US$60 a barrel, down about 50 per cent from its peak in July.