Oil price fluctuations have not yet altered this year's inflation forecast in a range of 3.3 percent and 3.8 percent, but the private sector is worried rising energy costs and higher wages will eventually push up goods prices.

Yanyong Phuangrach, permanent secretary of Thailand's Commerce Ministry, said the oil price volatility would impact the inflation by only 0.05 percent, a level hardly affecting the annual rate.

However, it will add to the costs of some products such as construction materials, cement and steel of which prices the ministry will closely monitor.