BANGKOK, 14 March 2014 The Ministry of Commerce has reported that the consumer confidence index (CCI) in February posted a decline for the fourth straight month and was at the lowest point in the past 22 months.
Based on the Commerce Ministry’s survey in February, the CCI was standing at 26.7, down from 29.5 in January. The index has been on the decline for four consecutive months and has reached a 22-month low. Confidence in the current economic situation also dropped to 19.8 in February from 22.3.
The downward trend is attributed to political instability in Thailand which has tremendously impacted the tourism sector, rattling the confidence of related entrepreneurs and investors. Moreover, households have begun to exercise caution in their spending and cut down on unnecessary expenses following the gradual hike in cooking gas price. Drought has also dragged down the output of farm products and is, in turn, driving their prices up.
Most consumers taking part in the survey expressed their wish to see the government put a lid on the soaring prices of everyday items and fuel while bringing an end to the political conflicts.