According to Reuters article published on May 23, 2023, consumer sentiment in South Korea improved in May to the highest level in a year, with their inflation expectations weakening, a central bank survey showed on Tuesday.
The Consumer Sentiment Index (KRCONS=ECI) rose to 98.0 in May from 95.1 in April, according to the Bank of Korea's monthly survey of consumers.
The index remained below 100 - the average of last two decades - for the 12th consecutive month, but it hit the highest level in the streak.
The median of consumers' inflation expectations for the next 12 months fell to 3.5% from 3.7%, also marking its lowest level in 12 months.
"It is too early to say inflation expectations are stabilising, with uncertainties remaining over public price increases and other factors," said a BOK official during a media briefing.
The survey was conducted during May 8-15, before South Korea decided to raise electricity prices by 5.3% in its second price hike for this year.
