The composite consumer sentiment index (CCSI), which gauges the sentiment of consumers over economic situation, slipped 2.3 points to 98.4 in May compared to the previous month, according to the Bank of Korea (BOK).
Consumer prices rose 2.9 percent in April from a year ago, falling below 3 percent in three months, but it continued to surpass the BOK's mid-term inflation target of 2 percent.
The BOK had left its benchmark interest rate unchanged at 3.50 percent since January last year.
Geopolitical risks in Europe and the Middle East boosted volatility for global oil prices and the won/dollar exchange rate.
Dubai crude, South Korea's benchmark, averaged 89.17 U.S. dollars per barrel in April, up 5.9 percent compared to the previous month.
The average won/dollar exchange rate advanced to 1,367.83 won per dollar in April from 1,330.70 won in the prior month.
Inflation expectations, which measure the outlook among consumers over headline inflation for the next 12 months, added 0.1 percentage point from a month earlier to 3.2 percent in May.
After peaking at 4.7 percent in July 2022, the inflation expectations had roughly been on the decline.
The results were based on a survey of 2,313 households conducted from May 7 to 14.
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