Thailand's CCI peaks in 16 months in Jan 2013

B ANGKOK, February 7 (TNA) - Thailand's consumer confidence index (CCI) reached its highest level in 16 months in January 2013 and was at the same level before the country was hit by a massive flooding in late 2011. Thanavat Polvichai, Director of Bangkok-based University of the Thai Chamber of Commerce's Center for Economic and Business Forecasting, said on Thursday a recent survey found that the CCI stood at 81.7 points last month, from 80.2 last December, its third consecutive month increase and peaked in 16 months since October 2011. Thanavat acknowledged that the CCI rose in all categories and appeared to return to its normal level as it had been before Thailand's flooding crisis in late 2011, boosted by recovering domestic and global economies and nationwide daily minimum wage hike to 300 baht, which has, thus, stimulated domestic consumption, exports and tourism. According to the director, Thailand's CCI on future incomes reached 100 points last month, again, for the first time in 16 months. The Bank of Thailand (BOT) and the National Economic and Social Development Board (NESDB) have, meanwhile, revised their forecasts of the country's gross domestic product growth or GDP this year upwards, as the BOT's policy interest rate remains low and the Stock Exchange of Thailand (SET) index has kept rising. Local consumers have, however, remained concerned over their rising costs of living amid higher product prices, layoffs resulting from the nationwide 300 baht daily minimum wage, the ongoing fast appreciation of the Thai baht and the uncertainty of the world economy and the domestic political situation. (TNA)