ID :
203371
Thu, 08/25/2011 - 01:06
Auther :
Shortlink :
https://oananews.org//node/203371
The shortlink copeid
S. Korean consumer sentiment slides to 5-month low in Aug.
SEOUL, Aug. 25 (Yonhap) -- South Korea's consumer confidence fell to a five-month low in August as the first-ever U.S. credit downgrade and the eurozone debt woes raised concerns about the global economy, the central bank said Thursday.
The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 99 for August, down from 102 tallied in the previous month, the Bank of Korea (BOK) said in a monthly survey.
The sentiment index, a gauge of future private spending, fell below the benchmark 100 for the first time since March when the index stood at 98.
A reading below the benchmark 100 means pessimists outnumber optimists. The survey, based on a poll of 1,988 households in 56 cities, was conducted from Aug. 11-19.
"Amid lingering concerns about inflation, the U.S. credit rating downgrade and the eurozone debt fears raised worries about a global economic recession," said Jang Wan-sub, an official at the BOK.
Early this month, Standard & Poor's cut the U.S. credit rating by one notch to AA+ from a top-tier AAA, sending global financial markets into a tailspin.
The sub-index gauging consumers' assessment of current economic conditions fell by 8 to 68. The index measuring their outlook for the economy reached 77 in August, down 11 from the previous month and marking the sharpest monthly fall since March, the BOK said.
Even though prospects for a slowing economy are growing, concerns about high inflation are still anchored, the bank said.
South Korean consumers in August forecast inflation to reach an annual average of 4.2 percent over the next 12 months, up from the 4 percent estimated in the previous month, according to South Korea's central bank.
It marked the highest level since an identical 4.2 percent was tallied in Mach 2009.
The growth of South Korea's consumer prices surpassed the upper ceiling of the BOK's 2-4 percent inflation target band for the seventh straight month in July.
The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 99 for August, down from 102 tallied in the previous month, the Bank of Korea (BOK) said in a monthly survey.
The sentiment index, a gauge of future private spending, fell below the benchmark 100 for the first time since March when the index stood at 98.
A reading below the benchmark 100 means pessimists outnumber optimists. The survey, based on a poll of 1,988 households in 56 cities, was conducted from Aug. 11-19.
"Amid lingering concerns about inflation, the U.S. credit rating downgrade and the eurozone debt fears raised worries about a global economic recession," said Jang Wan-sub, an official at the BOK.
Early this month, Standard & Poor's cut the U.S. credit rating by one notch to AA+ from a top-tier AAA, sending global financial markets into a tailspin.
The sub-index gauging consumers' assessment of current economic conditions fell by 8 to 68. The index measuring their outlook for the economy reached 77 in August, down 11 from the previous month and marking the sharpest monthly fall since March, the BOK said.
Even though prospects for a slowing economy are growing, concerns about high inflation are still anchored, the bank said.
South Korean consumers in August forecast inflation to reach an annual average of 4.2 percent over the next 12 months, up from the 4 percent estimated in the previous month, according to South Korea's central bank.
It marked the highest level since an identical 4.2 percent was tallied in Mach 2009.
The growth of South Korea's consumer prices surpassed the upper ceiling of the BOK's 2-4 percent inflation target band for the seventh straight month in July.
