Thai Consumer Confidence in January Sees First Dip in Five Months

Consumer confidence in Thailand dropped in January for the first time in five months as new outbreaks caused by the Omicron variant of COVID-19 slowed down economic recovery.

The consumer index of the University of the Thai Chamber of Commerce (UTCC) fell from 46.2 in December to 44.8 in January, UTCC president Thanavath Phonvichai told a briefing.

The university’s survey found that the government’s decision to tighten quarantine restrictions for travelers has made consumers weary about adverse effects on the economy, especially for the tourism sector, according to Thanavath.

Thanavath added that other factors for the dip include political instability and rising prices.

The Bank of Thailand kept its policy rate unchanged at 0.5 percent this week in anticipation of inflation exceeding the targeted range of 1 to 3 percent for the early part of the year, driven by surging food and energy costs.

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