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12 May 2023

Econ Digest

KR-ECI hit a five-month low in April 2023 amid the rising cost of living


        In April 2023, the KR Household Economic Condition Index (KR-ECI) fell to 34.5 from 35.8 in March 2023, while the 3-month Expected KR-ECI remained unchanged, reflecting the growing concerns of Thai households about energy prices. Although Thailand’s inflation is slowing down, the result of an additional survey reflected that most households (58.8%) were concerned about persistently high inflation, as it affects spending, income and savings. In addition, the ongoing trend of rising interest rates continues to add to households’ concerns about their debt burden. According to an additional survey conducted by KResearch, most households (76.5%) have changed their behavior by avoiding spending on luxury goods.
        Going forward, a robust recovery in the tourism sector could still boost household optimism regarding income and employment, but this may not be enough to strongly boost the recovery of the KR-ECI in the short-term amid various risk factors, particularly the persistently high living costs such as electricity and interest rates. Additionally, other factors need to be monitored such as transmission of producer prices, the recovery of the Thai economy and the uncertainty of the global economy.

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Econ Digest