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S. Korea's consumer sentiment rebounds in June

SEOUL
2024-06-25 09:37

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SEOUL, June 25 (Xinhua) -- South Korea's consumer sentiment rebounded this month on the back of export growth and slower inflation, central bank data showed Tuesday.

The composite consumer sentiment index (CCSI), which gauges the sentiment of consumers over economic situation, gained 2.5 points over the month to 100.9 in June, according to the Bank of Korea (BOK).

It turned around after retreating 2.3 points in May.

Export expanded 11.7 percent in May from a year earlier, continuing to grow for the eighth consecutive month.

Consumer prices added 2.7 percent in May on a yearly basis, lower than an increase of 2.9 percent in April.

Despite the slower inflation, the consumer price inflation continued to top the BOK's midterm inflation target of 2 percent.

The BOK had left its benchmark interest rate unchanged at 3.50 percent since January 2023.

Inflation expectations, which measure the outlook among consumers over headline inflation for the next 12 months, slipped 0.2 percentage points from a month earlier to 3.0 percent in June.

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 2,308 households conducted from June 11 to June 18.
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