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S.Korea's consumer confidence rebounds in 3 months in February
Last Updated(Beijing Time):2012-02-24 09:45

South Korea's consumer confidence rebounded in three months in February as positive economic indicators in the United States boosted hopes for the global economic recovery, the central bank said Friday.

Consumer sentiment index (CSI), which gauges consumers' overall economic outlook, stood at 100 in February, up 2 points from a month earlier, according to the Bank of Korea (BOK). The CSI is based on survey response from 2,062 households in 56 cities, conducted between Feb. 10 and 17. The reading above 100 means optimists outnumber pessimists.

The consumer confidence rebounded for the first time in three months as the U.S. saw some economic indicators improved recently. "There were no clear positives in the global economy, and economic activities in the euro area remained fragile. But some positive economic indicators in the U.S. boosted consumer confidence over the economy," an official at the BOK told Xinhua.

South Korean consumers' expectation for inflation fell slightly, but stayed at a high level. Inflation expectation over the next twelve months came in at an annual rate of 4.0 percent in February, down 0.1 percentage point from the previous month.

The BOK official noted that the expected inflation remained at a high level despite the slight decline, saying that the inflation expectation, if declines, would show a gradual downward trend due to risk factors such as a surge in global oil prices caused by the confrontation between Tehran and Washington over the former's nuclear ambitions.

Sub-indices showed strong performance. Consumer sentiment on living standards gained 3 points on-month to 86 in February, with that on prospective living conditions jumping 4 points to 94.

In February, consumer sentiment on current economic conditions climbed 3 points on-month to 68, with that on future economic conditions advancing 4 points to 80. Consumer sentiment on prospective income rising 1 point to 95, with that on prospective spending going up 2 points to 108.

Source:Xinhua 
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