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Consumer Sentiment Dips to 6-Month Low in May

Written: 2024-05-21 09:14:53Updated: 2024-05-21 09:16:15

Consumer Sentiment Dips to 6-Month Low in May

Photo : YONHAP News

Consumer sentiment in the country fell to a six-month low in May amid rising prices, high interest rates and the won’s depreciation against the U.S. dollar. 

According to the Bank of Korea(BOK) on Tuesday, the composite consumer sentiment index marked 98-point-four in May, down two-point-three points from the previous month. 

A reading below 100 indicates that pessimists outnumber optimists. 

The index fell below 100 for the first time in five months after staying above 100 for four straight months from January. 
 
The BOK said that despite continued growth in exports, consumer sentiment worsened due to rising prices, high interest rates, the depreciation of the won and rising oil prices. 

Expected inflation for the year ahead marked three-point-two percent in May, up zero-point-one percentage points from the previous month.

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