ID :
21374
Fri, 09/26/2008 - 11:22
Auther :
Shortlink :
https://oananews.org//node/21374
The shortlink copeid
Consumer inflation expectations rise in September: poll
SEOUL, Sept. 26 (Yonhap) -- South Korean consumers' inflation expectations rose in September from a month earlier as a weaker won is putting upward pressure on inflation despite falling oil prices, the central bank said Friday.
South Korea's inflation expectation rate reached 4.4 percent in September, up
from 4 percent the previous month, according to the poll by the Bank of Korea
(BOK), which unveiled the data to the public for the first time.
The inflation expectation rate refers to consumers' average expectations on
inflation over the next 12 months. The survey showed that 33.5 percent of 2,120
households expected that the country's consumer prices will rise 4.5-5.5 percent
over the next year. South Korea's consumer inflation jumped 5.6 percent on-year
in August.
"Inflation expectations rose in September mainly because despite recent retreats
in oil prices, a softer won is exerting upward pressure on inflation," a BOK
official said.
South Korea's currency underwent high volatility against the U.S. dollar in
September, sparked by foreign capital inflation speculation and the U.S.
financial market turmoil following the collapse of Lehman Brothers Holdings Inc.
The won has fallen about 19 percent versus the greenback so far this year.
The poll came as the BOK raised its key interest rate by a quarter percentage
point to 5.25 percent in August, the first increase in a year, in a bid to
contain rising inflation expectations.
BOK Gov. Lee Seong-tae cast a hawkish view on inflation in August, saying that
despite falling oil prices, the country's consumer prices will likely remain
stubbornly high for a considerable time, given lingering fallout from higher oil
prices and a planned gain in public utility charges.
Meanwhile, the consumer survey index (CSI) -- a gauge of consumers' overall sense
of their economic outlook, living conditions and future spending -- remained flat
at 96 in September as falling oil prices and the government's measures to boost
the economy helped ease bleak consumer sentiment, the central bank said.
A reading below 100 means pessimists outnumber optimists. Starting this month,
the BOK will unveil a monthly CSI figure.
On Sept. 1, the government announced a wide range of tax reforms, including
income and corporate tax cuts, aimed at boosting the country's slowing economy by
stimulating sluggish private consumption and corporate investment.
sooyeon@yna.co.kr
(END)
D
South Korea's inflation expectation rate reached 4.4 percent in September, up
from 4 percent the previous month, according to the poll by the Bank of Korea
(BOK), which unveiled the data to the public for the first time.
The inflation expectation rate refers to consumers' average expectations on
inflation over the next 12 months. The survey showed that 33.5 percent of 2,120
households expected that the country's consumer prices will rise 4.5-5.5 percent
over the next year. South Korea's consumer inflation jumped 5.6 percent on-year
in August.
"Inflation expectations rose in September mainly because despite recent retreats
in oil prices, a softer won is exerting upward pressure on inflation," a BOK
official said.
South Korea's currency underwent high volatility against the U.S. dollar in
September, sparked by foreign capital inflation speculation and the U.S.
financial market turmoil following the collapse of Lehman Brothers Holdings Inc.
The won has fallen about 19 percent versus the greenback so far this year.
The poll came as the BOK raised its key interest rate by a quarter percentage
point to 5.25 percent in August, the first increase in a year, in a bid to
contain rising inflation expectations.
BOK Gov. Lee Seong-tae cast a hawkish view on inflation in August, saying that
despite falling oil prices, the country's consumer prices will likely remain
stubbornly high for a considerable time, given lingering fallout from higher oil
prices and a planned gain in public utility charges.
Meanwhile, the consumer survey index (CSI) -- a gauge of consumers' overall sense
of their economic outlook, living conditions and future spending -- remained flat
at 96 in September as falling oil prices and the government's measures to boost
the economy helped ease bleak consumer sentiment, the central bank said.
A reading below 100 means pessimists outnumber optimists. Starting this month,
the BOK will unveil a monthly CSI figure.
On Sept. 1, the government announced a wide range of tax reforms, including
income and corporate tax cuts, aimed at boosting the country's slowing economy by
stimulating sluggish private consumption and corporate investment.
sooyeon@yna.co.kr
(END)
D
