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South Korea's consumer confidence worsens on expensive crude oil

Staff Writer |
Confidence among South Korean consumers over economic conditions worsened on the expensive crude oil, central bank data showed.

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The composite consumer sentiment index (CCSI) stood at 99.5 in October, down 0.7 points from the previous month, according to the Bank of Korea (BOK). The figure below 100 means pessimists outnumbering optimists.

It was attributable to the higher global crude oil price, which pulled up the domestic gasoline costs to the highest in almost four years.

A recent slump in the local stock market also contributed to the worsening of consumer sentiment. The main KOSPI index recently dropped over 20 percent compared with the record high, indicating the KOSPI entering a bear market.

Inflation expectations, which reflect outlook among consumers for headline inflation in the next 12 months, came in at 2.5 percent in October, unchanged from the previous month.

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