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The disappointing reading was attributed to households’ concern over the rising prices, in line with the rise in inflation, while high household debts continue to limit their spending, said Kasikorn Research Center (K-Research), a research unit of Kasikornbank. Inflation accelerated to a 12-month high in April, with prices for fresh fruit and vegetables rising after a drought-induced drop in production.
The consumer price index based on 450 items rose by 2.45 year-on-year last month, up from 2.11 in March, 1.96 in February and 1.93 in January. KR Household Economic Condition Index in April slipped from 42.1 in March and 44.5 in February. The gauge of household three-month expectation also fell to 42.7 in April from 43.5 in March and 47.9 in February, K-Research said. The 50-point threshold separates optimism from pessimism.
Household debt-to-gross domestic product rose to 82.3 at end-2013, from 77.3 at end-2012, according to Bank of Thailand data. Household leverage has increased at a fast clip in recent years due mainly to the Pheu Thai Party-led government’s consumer stimulus policies, especially the first-time car buyers scheme.
“The figures reflected in the index could be a sign that purchasing power’s recovery cannot be sustained if the political situation remains murky in months ahead,” it said. Even though the index did not fall at the same pace as in the past, the research house believes that the index has yet to hit the bottom because household confidence in the next three months remains negative, while the economy is still weak and political events need to be closely monitored, K-Research said.
http://www.bangkokpost.com/most-recent/407893/household-economic-index-stays-low
