Over the past year the baht, Thailands exchange rate, has gone from 30 baht per dollar to 34 baht per dollar. Over that period producer prices have risen by 5% in Thailand and by 2% in the United States.

By how much did the bilateral real exchange rate change, in percent, from a U.S. perspective (that is, did the U.S. dollar appreciate or depreciate against the Thai currency in real terms, and if so by how much)?