High Energy Prices Continue to Shrink Thai Consumer Confidence; May’s Index Hit a 9-Month Low

Rising oil prices reportedly continued to erode consumer confidence, with the May reading falling for the fifth consecutive month to 40.2, according to the University of the Thai Chamber of Commerce on Thursday.

Thailand’s consumer confidence was 40.2 in May, down from 40.7 in April, pushing it to a 9-month low, after the Energy Ministry raised the diesel price cap from THB30.00 per liter to THB32.00 since May 1 and the Office of the National Economic and Social Development Board lowered economic growth projections for 2022 from 3.5-4.5 percent to 2.5-3.5 percent in response to Russia’s invasion of Ukraine, which has forced commodity prices higher.