Oct. 31 (Bloomberg) -- Thailand’s Commerce Ministry said the inflation rate in October will be no less than 4 percent compared with the same period last year because of rising costs for raw materials and transportation, according to Permanent Secretary for Commerce Yanyong Phuangrach.

Panic-buying by consumers during the floods hasn’t had a significant impact on inflation, Yanyong told reporters today in Bangkok. The ministry is still confident that inflation for the whole year won’t exceed 3.7 percent because energy prices won’t rise significantly as global economic growth slows, he said.

To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net