We compute the spectrum of cosmological perturbations in a scenario in which inflation is driven by radiation in a non-commutative space-time. In this scenario, the non-commutativity of space and time leads to a modified dispersion relation for radiation with two branches, which allows for inflation. The initial conditions for the cosmological fluctuations are thermal. This is to be contrasted with the situation in models of inflation in which the accelerated expansion of space is driven by the potential energy of a scalar field, and in which the fluctuations are of quantum vacuum type. We find that, in the limit that the expansion of space is almost exponential, the spectrum of fluctuations is scale-invariant with a slight red tilt. The magnitude of the tilt is different from what is obtained in a usual inflationary model with the same expansion rate during the period of inflation. The amplitude also differs, and can easily be adjusted to agree with observations.