S. Korean consumer confidence plunges to 23-month low in March
South Korea's consumer confidence plunged to a 23-month low in March as Japan's deadly earthquake boosted jitters over global economic recovery, the central bank said Friday.
The consumer confidence index (CSI), gauging domestic consumers ' overall economic outlook, dropped to 98 in March, down 7 points from 105 the previous month, the Bank of Korea (BOK) said in a monthly statement.
The March reading marked the lowest level since April 2009 when it recorded an identical 98. The CSI, also measuring the future direction of private spending, has fallen for the fourth consecutive month since December last year.
The March figure, calculated on a poll of 2,091 households in 56 major cities, fell below the 100-point level for the first time since April 2009. It means pessimists outnumber optimists.
Inflation expectation, an approximate gauge of consumers' expectations on inflation over the next 12 months, strengthened further amid rising agricultural and oil prices.
The country's inflation expectation rate came in at an annual average of 3.9 percent in March, up 0.2 percentage point from 3.7 percent the previous month, the BOK said. It marked the highest level since 4.1 percent in June 2009.
South Korea's consumer prices climbed 4.5 percent on-year in February, and the March figure is expected to rise above 5 percent. The BOK raised the key interest rate by 25 basis points to 3 percent this month in a bid to curb inflation.
Sub-indices fell sharply as consumers were disheartened over the current and future living standards, economic conditions and income, the BOK said.
Consumer sentiment on living standards slid 7 points to 82 in March from a month earlier, with that on prospective living standards plunging 9 points to 87.
In March, consumer sentiment on current and future domestic economic conditions plummeted by 18 points and 19 points respectively, while consumer sentiment on prospective income and spending fell by! 5 point s and 3 points each.
Source: Xinhua
Weekly review
The consumer confidence index (CSI), gauging domestic consumers ' overall economic outlook, dropped to 98 in March, down 7 points from 105 the previous month, the Bank of Korea (BOK) said in a monthly statement.
The March reading marked the lowest level since April 2009 when it recorded an identical 98. The CSI, also measuring the future direction of private spending, has fallen for the fourth consecutive month since December last year.
The March figure, calculated on a poll of 2,091 households in 56 major cities, fell below the 100-point level for the first time since April 2009. It means pessimists outnumber optimists.
Inflation expectation, an approximate gauge of consumers' expectations on inflation over the next 12 months, strengthened further amid rising agricultural and oil prices.
The country's inflation expectation rate came in at an annual average of 3.9 percent in March, up 0.2 percentage point from 3.7 percent the previous month, the BOK said. It marked the highest level since 4.1 percent in June 2009.
South Korea's consumer prices climbed 4.5 percent on-year in February, and the March figure is expected to rise above 5 percent. The BOK raised the key interest rate by 25 basis points to 3 percent this month in a bid to curb inflation.
Sub-indices fell sharply as consumers were disheartened over the current and future living standards, economic conditions and income, the BOK said.
Consumer sentiment on living standards slid 7 points to 82 in March from a month earlier, with that on prospective living standards plunging 9 points to 87.
In March, consumer sentiment on current and future domestic economic conditions plummeted by 18 points and 19 points respectively, while consumer sentiment on prospective income and spending fell by! 5 point s and 3 points each.
Source: Xinhua
Weekly review
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