Thailand's Industry Index Slumps as Oil Prices Surge Amid War Fears
The State Secretariat on Economic Development has released the February industrial production index, which showed a contraction of -0.1%, while forecasting that March's trade price indices will likely decline by between three to five percent due to soaring fuel costs driven by prolonged global conflicts in Ukraine and Gaza affecting energy markets across Thailand.
Key Points
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1The Association of Thai Industry released February industrial production data showing a slowdown in activity.
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2A prolonged war scenario is projected to cause significant inflation, with consumer prices expected to rise by an additional percentage point compared to the previous month's forecast. The total price increase for March could reach 3-5% if oil and fuel costs continue their sharp upward trend due to geopolitical tensions.
Developments
Perspectives
The Industrial Development Institute has released the February industrial production index, which shows a slowdown but indicates that March is expected to decline due to prolonged war tensions.
— [Mar 18, 09:39] ส.อ.ท. เผยดัชนีอุตฯ กพ. ขยับขึ้น แต่มี.ค.ส่อทรุดหลังสงครามยืดเยื้อมากขึ้น (Infoquest.co.th)Oil prices are surging, causing consumer goods to rise sharply and threatening a significant decline in the March industrial production index.
— [Mar 18, 09:40] ราคาน้ำมันดันทันส่งสินค้าพุ่ง ชุดดัชนีความเชื่อมั่นอุตสาหกรรมมี.ค. ส่อทรุด (News.thaipbs.or.th)The Industrial Development Institute is worried about surging oil prices from the war that will drag down consumer goods by approximately three to five percent.
— [Mar 18, 09:45] ห่วงน้ำมันพุ่งจากสงคราม ฉุดดัชนีอุตฯ มี.ค. สินค้าจ่อขึ้น3-5% (Kaohoon)The Industrial Development Institute has opened up a scenario analysis showing that surging oil prices will cause consumer goods to rise sharply, threatening the March industrial production index.
— [Mar 18, 07:49] ส.อ.ท. กาง3สถานการณ์ ราคาน้ำมันดันส่งสินค้าพุ่ง ชุดดัชนีอุตสาหกรรมมี.คทรด (Khaosod.co.th)The Industrial Development Institute hopes to receive a good result if the price of diesel exceeds thirty-three baht per liter, as consumer goods will then rise by three percent.
— [Mar 18, 07:25] ส.อ.ท หวังได้ผลหากดีเซลเกิน33บาท/ลิตร สินค้าทยอยขึ้นราคา(Prachachat)