Thai power rate hike to hurt business, competitiveness – business group

Thailand’s decision to hike electricity prices by 20 percent in early 2023 will push up inflation and undermine the country’s competitiveness as the economy recovers gradually from the pandemic, a leading joint business group said. | Reuters

BANGKOK -Thailand’s decision to hike electricity prices by 20 percent in early 2023 will push up inflation and undermine the country’s competitiveness as the economy recovers gradually from the pandemic, a leading joint business group said on Friday.

Southeast Asia’s second-largest economy’s recovery has lagged that of others in the region as the crucial tourism sector only started to rebound this year.From January to April, the power tariff for businesses will increase by 20.5 percent to 5.69 baht per unit, with that of households remaining at 4.72 baht, the Energy Regulatory Commission said earlier, citing higher fuel costs.

The business group urged the government to delay the price hike as manufacturers would be forced to increase the price of goods, said the group, which includes representatives from industry, banking and commerce.

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