South Korea’s consumer sentiment has dipped to a seven-year low as domestic political instability and the key rate hike in the U.S. are raising concerns about the economy.

According to the Bank of Korea(BOK) on Tuesday, the nation’s composite consumer sentiment index(CCSI) for December was measured at 94-point-two, further down from last month by one-point-six points.  

It ties the level seen in April 2009 in the wake of the global financial crisis, which has remained the lowest level since then.

A CCSI reading above the benchmark 100 means that optimists outnumber pessimists.

The consumer sentiment index on house prices stood at 97 for December, down ten points from November, indicating there are more people expecting a decline in prices of homes down the line than those expecting them to rise.

It is the first time in three years and ten months that the house price CSI fell below 100.

The survey was conducted on two-thousand-200 households across the country for eight days beginning December 13th. A total of two-thousand-50 households responded to the survey.