Thailand's consumer confidence index lowest in 7 months

Thailand's Consumer Confidence Index (CCI) in April slipped for the first time in seven months to 83.7, declining from 84.8 in March, an academic survey disclosed on Thursday. Thanawan Phonwichai, the director of the Business and Economics Forecasting Center at the Thai Chamber of Commerce University, said on Thursday that it conducted a survey on the April CCI among 2,240 people, and found widespread concern over the appreciating baht which could possibly shock the country's exports, tourism, economy and people's earnings. Prices of agricultural product, especially rubber and oil palm, have fallen by over 20 percent from last year. The strong baht has affected the private sector but consumers will eventually feel the pinch from higher cost of living, according to the survey. Home and car purchases have slowed, while inflation in April was at 2.42 percent, the lowest in 41 months. Thanawan said the declining growth in purchasing power is a signal of economic slowdown and said the government must inject funds into the economic system and issue measures to tame the currency volatility. He also warned that Thai economic growth will not reach 5 percent unless the government takes action.