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S.Korea's inflation expectations keep rising for 2nd month in February

SEOUL
2023-02-21 11:00

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SEOUL, Feb. 21 (Xinhua) -- South Korea's inflation expectations kept rising for the second straight month in February on worry about hikes in public utility rates, central bank data showed on Tuesday.

Inflation expectations, which measure the outlook among consumers over headline inflation for the next 12 months, stood at 4.0 percent in February, up 0.1 percentage points from the previous month, according to the Bank of Korea (BOK).

The figure continued to rise for the second month due to the expected rise in public utility rates, including electricity and natural gas, alongside the expected hike in public transportation fares such as the subway and bus.

After hitting a record high of 4.7 percent in July last year, inflation expectations have been roughly on the slide amid rapid interest rate hikes.

The BOK has tightened its monetary policy stance since August 2021, raising its key rate from a record low of 0.50 percent to 3.50 percent.

The composite consumer sentiment index (CCSI) shrank 0.5 points from a month earlier to 90.2 in February, marking the first slide in three months.

The BOK ascribed the CCSI decrease to an export slump, caused by the global economic slump and the higher public utility rates.

The results were based on a survey of 2,372 households conducted on Feb. 7-14.
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