Consumer confidence index (CCI) for May 2016 plunged to its lowest level in a period of eight months, the University of the Thai Chamber of Commerce (UTCC) revealed yesterday.
Thanawat Polwichai, the director of the UTCC’s Center for Economic and Business Forecast, said CCI for May 2016 fell to 72.7.
This represented a sustained 5 month drop and is the lowest it has ever fallen in the period of 8 months since October last year.
He attributed the plunge in CCI to the slow recovery of the economy and consumer purchasing power.
He however asserted that consumers in the country are still hopeful that the economy, employment and income will eventually improve due to the massive public spending by the government for the latter part of the year.
Therefore he advised that the government sector should speed up budget disbursement so as to maintain the momentum of economic recovery.
With regards to the rise in global fuel prices, Mr Thanawat stated that this has brought about an added benefit for rubber planters as the market price for rubber has risen accordingly.
Rubber prices are now at 60 baht a kilo which is a significant improvement and will help the economic improve to a certain degree.