South Korean consumer confidence soars as geopolitical risks eased


FE Team | Published: November 24, 2017 12:27:18 | Updated: November 25, 2017 12:08:42


S Korean consumer confidence hits 7-year high

South Korea’s consumer confidence rose hit the highest in almost seven years amid eased geopolitical risks on the Korean Peninsula, central bank data showed Friday.

The composite consumer sentiment index (CCSI) stood at 112.3 in November, marking the highest since December 2010, according to the Bank of Korea.

It was up 3.1 points from the previous month, keeping an upward trend for the second straight month. It was based on a survey of 2,107 households conducted for eight days from Nov. 10, reports Xinhua.

Tensions de-escalated on the peninsula as the Democratic People's Republic of Korea refrained from staging any provocation for more than two months.

The improved bilateral relationship between South Korea and China also helped boost the sentiment among consumers, the report says.

Consumer sentiment index over the current economic conditions gained 7 points, with the figure for future economic situations jumping 9 points.

Index for job opportunity rose 5 points, but the number for home prices fell 4 points as the government unveiled a set of measures to control speculative investment among multiple home owners into the real estate market.

Inflation expectations, which reflected outlook among consumers for consumer price inflation in the next 12 months, stood at 2.5 per cent in November, down 0.1 percentage point from a month earlier.

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