S. Korea's consumer confidence falls for 2 months

Source: Xinhua| 2018-01-26 11:10:45|Editor: Chengcheng
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SEOUL, Jan. 26 (Xinhua) -- Confidence among South Korean consumers over economic conditions fell for the second straight month on the local currency's ascent to the U.S. dollar, central bank data showed Friday.

The composite consumer sentiment index (CCSI) stood at 109.9 in January, down 0.7 points from the prior month, according to the Bank of Korea (BOK). The reading above 100 means optimists outnumbered pessimists.

The South Korean won continued to appreciate to the dollar in recent months, damaging outlook for the export-driven economy. The strong local currency would damage price competitiveness of local exporters.

Recent rises in global crude oil prices also hurt consumer sentiment over the South Korean economy.

Sub-indices lost ground. The figure for current economic conditions dropped 5 points, while the reading for future economic situations declined 3 points.

The index for household income outlook inched up 1 point as the government raised the minimum wage, but the outlook for getting a job tumbled 9 points.

Inflation expectations, which reflect the outlook among consumers over headline inflation, stood at 2.6 percent in January, up 0.1 percentage point from the previous month.