Thai Living Costs Set to Rise as Oil Prices Surge
Thai households can expect their living costs to rise in the fourth quarter of this year due to higher oil prices, according to an analysis by Rangsit University's Faculty of Economics. The Thai Household Cost of Living Index (CLI) is forecast to edge up to 111.8 in the fourth quarter, a 0.9% increase from the third quarter.
The analysis also found that domestic retail oil prices rose by an average of 26.6% in the second quarter from the first, resulting in a significant increase in household expenses. In fact, the additional burden averaged THB8,362.4 per household per quarter, or THB2,787.5 a month.
The study also highlighted that Bangkok and its surrounding provinces have the country's highest cost-of-living burden and index, followed by the South. The index for Bangkok and its surrounding provinces stood at 115.2 in the second quarter, with additional expenses reaching THB10,170.3 per household per quarter.
Assoc Prof Aat Pisanwanich of Rangsit University's Faculty of Economics proposed seven policy measures to help ease the cost-of-living burden, including using the CLI as a policymaking tool and providing targeted financial assistance.