South Korea’s consumer confidence risesNovember 24th, 2011 - 2:24 pm ICT by IANS
Seoul, Nov 24 (IANS) South Korea’s consumer confidence rose to six-month high in November amid easing inflation expectations, the central bank said Thursday.
Consumer sentiment index (CSI), which gauges consumers’ overall economic outlook, stood at 103 in November, up 3 points from a month earlier, according the Bank of Korea (BOK).
The CSI is based on survey response from 2,002 households in 56 cities, conducted between Nov 11 and Nov 18, said Xinhua.
The figure was the highest since 104 tallied in May. The index fell below the benchmark 100 points in August and September as the consumers’ confidence weakened sharply amid the global financial turmoil caused by the US sovereign rating downgrade.
South Korean consumers’ expectation for inflation eased somewhat. Inflation expectation over the next 12 months came in at an annual rate of 4.1 percent in November, down 0.1 percentage point from the previous month.
The country’s consumer prices rose 3.9 percent in October from a year earlier, falling below the upper ceiling of the BOK’s inflation target band 2-4 percent for the first time this year.
Sub-indices showed better performance. Consumer sentiment on living standards rose 1 point on-month to 87, with that on prospective living conditions gaining 3 points to 95.
In November, consumer sentiment on current economic conditions jumped 9 points on-month to 75, with that on future economic conditions increasing 8 points to 86. Consumer sentiment on prospective income rose 2 points to 98, with that on prospective spending inching up 1 point to 109.
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Tags: 12 months, august and september, bok, consumer confidence, consumer sentiment index, consumers, csi, economic conditions, economic outlook, expectation, global financial turmoil, households, inflation expectations, inflation target, percentage point, seoul, south korea, south korean, survey response, xinhua