SEOUL, October 27 (AJP) — South Korean consumer sentiment weakened and outlook sagged in October on stagnated stock market and
and continued geopolitical unrest despite still-robust exports.
The Composite Consumer Sentiment Index (CCSI) fell 1.2 points from September to 105.4, the Bank of Korea (BOK) said Tuesday.
The reading remained above 100, indicating that consumers were still more optimistic than the long-term average.
Expectations for economic conditions six months ahead fell 2 points to 88 despite continued strong export growth, while consumers' assessment of current conditions slipped 1 point to 82.
The employment outlook also dropped 2 points to 86 amid concerns over a possible slowdown in the semiconductor industry and the impact of advances in artificial intelligence on jobs.
The BOK attributed the broader decline in sentiment to a correction in domestic stocks and prolonged uncertainty surrounding the Middle East conflict.
Household income expectations fell 1 point to 101, while the outlook for consumer spending declined 1 point to 109.
Housing price expectations edged down 1 point to 124 as government housing measures and higher interest rates offset continued apartment price gains in non-Gangnam areas of Seoul and in Gyeonggi Province.
The interest-rate outlook index slipped 1 point to 127.
Inflation expectations remained unchanged despite continued upward pressure from global oil prices.
Consumers expected prices to rise 2.7 percent over the coming year, unchanged from September, while expectations three and five years ahead both held at 2.6 percent.
Consumers' perception of inflation over the past year eased 0.1 percentage point to 2.9 percent.
Petroleum products remained the most frequently cited source of future inflation, selected by 52.6 percent of respondents, followed by agricultural, livestock and fisheries products at 36.0 percent and public utility charges at 30.4 percent.
The survey was conducted from Oct. 13 to 20 among 2,500 urban households nationwide, with 2,238 responding.
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