SEOUL, Aug. 27 (Xinhua) -- Confidence among South Korean consumers over economic situations hit the lowest in 31 months on concern about the trade dispute with Japan adding to uncertainty over the global trade spat, central bank data showed Tuesday.
The composite consumer sentiment index (CCSI) stood at 92.5 in August, down 3.4 points from the previous month, according to the Bank of Korea (BOK).
It was the lowest since January 2017, keeping a downward trend for the fourth straight month. The reading below 100 indicates consumer sentiment staying below the long-term average between 2003 and 2018.
The worsened consumer confidence came amid the rising trade row between South Korea and Japan, which dropped South Korea earlier this month off its whitelist of trusted trading partners. In response, Seoul removed Tokyo from its whitelist of trusted export partners.
Adding to the concern, the global trade dispute remained and South Korea's export continued to slip for the eighth consecutive month through July.
The external uncertainties aggravated consumer sentiment, hinting that local consumers may refrain from spending money in the domestic market.
The CSI for household financial soundness dipped 3 points over the month to 89 in August, the lowest since March 2009 when the effect from the global financial crisis remained.
The prospective CSI for household income was down 2 points to 94 this month, the lowest since April 2009.
Inflation expectations, which measure outlook among consumers over the headline inflation for the next 12 months, was 2.0 percent in August, the lowest since the data began to be compiled in February 2002.
