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| ▲ In this file photo, a shopper browses products at a supermarket in Seoul on May 2, 2023. (Yonhap) |
consumer sentiment-September poll
Consumer sentiment hits 4-month low in Sept. amid slowdown woes
SEOUL, Sept. 26 (Yonhap) -- South Korea's consumer sentiment slid to a 4-month low in September amid woes over an economic slowdown, slumping exports and weakened spending power, a poll showed Tuesday.
The composite consumer sentiment index stood at 99.7 in September, down from 103.1 the previous month, marking the lowest since May this year, when the comparable figure was 98, according to the survey.
A reading below 100 means pessimists outnumber optimists.
Inflation expectations stayed flat in September in line with a downward trend in consumer prices, the survey showed.
Ordinary people expected consumer prices in September to rise 3.3 percent for the year ahead, remaining flat from what was surveyed a month earlier.
The figures are closely watched, as their upward move could cause businesses to raise prices and people to ask for pay raises, thereby resulting in more upward pressure on inflation going forward.
South Korea's consumer prices increased at a faster-than-expected pace of 3.4 percent in August due to higher prices of agricultural and manufactured goods, accelerating from the 2.3 percent increase in July.
It was the highest on-year rise since the 3.7 percent growth tallied in April.
But the country's inflation is expected to slow to some degree down the road.
In August, the central bank held its key interest rate steady for the fifth straight time at 3.5 percent as it weighs a slowdown in growth amid moderating inflation.
This marked the fifth straight time that the Bank of Korea (BOK) has stood pat following rate freezes in February, April, May and July. The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.
The central bank is widely expected to stand pat again at next week's rate-setting meeting.
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