Thailand’s consumer confidence index fell for the fourth consecutive month in April, marking the lowest point in eight months, amidst continuously rising cost of living caused by growing inflation fears, which has placed the global economy in limbo.
The University of the Thai Chamber of Commerce reported on Tuesday that the consumer confidence index dropped to 40.7 in April from 42.0 in March.
According to UTCC president Thanavath Phonvichai, this indicates that consumer confidence is low and that there is no sign that it will improve in the near future. This decline was primarily caused by the cost of living crisis and higher oil prices, as well as rising product prices, having caused the Thai economy to continuously slow down. The index further suggested that the economy does not even have a scene of recovery at the moment, and consumers believe that the economy will continue to decline in the future.