The consumer confidence index continued to decline in all categories for the consecutive two months in May, hurt by economic slowdown, surging oil prices, and continual political chaos, according to the University of Thai Chamber of Commerce (UTCC) research.

“The index, which dropped to 59.3 from 73 in April, demonstrates that consumers’ concerns over lower earning and less jobs opportunities have been significantly mounted, triggered by political deadlock, rising commodity prices and higher oil prices that could the export,” said Thanawat Director of UTCC.

Mr. Thanawat expressed confident that the situation will be continued for months to come as no positive factors are seen to encourage consumers on spending.

He suggested the government should quickly find solution for the situation or stimulus measures to instigate large-scale investment projects.

Mr. Thanawat predicted that the economic would grow less than seven per cent this year if the oil prices stayed above $150 a barrel level and anti-government demonstrations carried on.