The business community in Bangkok has announced on Wednesday it disagreed with the Bank of Thailand’s effort to curb the surging inflation by raising benchmark interest rates.

Committee chairman and Krung Thai Bank president Apisak Tantiwong suggested that the most effective way to contain inflation is to find the cause of problem.

He urged the central bank and the government to address inflation publicly.

Mr. Apisak commented that raising the interest rate to curb spending is appropriate on the condition that inflation stems from overspending and excessive investment, but inflation went up by over 6 per cent while the food and energy prices rose 2 per cent at the present.

Mr. Apisak remarked that the current inflation is resulted from a sharp increase in oil and food prices. So, the government should not raise interest in order to slow consumption and investment but should gradually increase the interest rate to prevent impacts on the entrepreneurs’ costs.