South Korea's consumer sentiment snaps 3-month fall in January

By Park Sae-jin Posted : January 27, 2015, 17:20 Updated : January 28, 2015, 08:16

 

South Korea's composite consumer sentiment index (CCSI) inched up in January from the previous month, the central bank said on Tuesday. The consumers' confidence had fallen for the third consecutive month in December 2014.

The index stood at 102 in January, up one point from a revised 101 in December 2014, the Bank of Korea (BOK) said, based on a survey of 2,035 households nationwide which was conducted between Jan. 13 and Jan. 20. The CCSI is a gauge of consumers' overall economic outlook, living conditions and future spending.  
  
However, the January figure is lower than in May 2014 when the index dropped to 104 in the wake of the deadly sinking of the ferry Sewon on April 16 that left more than 300 people. mostly school children, dead.

It means that it is "too early" to say that the consumers' confidence has begun to rebound, BOK officials said. 

A CCSI above 100 indicates that consumers’ subjective expectations as to the economic situation are more positive than the past (2003-2014) average, and one below 100 that they are more negative.

The results of the survey also include:

-Consumer sentiment on current living standards remained unchanged at 89, while that for their outlook was one point lower at 97.

-Consumer sentiment regarding current domestic economic conditions was up by three points compared to December 2014 at 74, and that for their future outlook by five points at 90.

-Consumer sentiments on prospective changes in household income and expected spending were one point higher each, at 101 and 107, respectively.

-The expectation for inflation over the following year was 2.6 percent.
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