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Headline Consumer Sentiment Index Dips, Inflation Expectations Nudge Higher

SOUTH KOREA
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Earlier data showed headline consumer confidence dipped further in May to 98.4 (from 100.7 in April). This is back to around October 2023 levels and for the first time since December last year, pessimists outweigh optimists in terms of the headline reading. More broadly, sentiment is within ranges and while it isn't suggesting further upside in GDP growth, it also isn't suggesting a sharp deceleration either, see the first chart below.

  • Nevertheless, the result likely underscores the need for easier policy settings from a domestic standpoint. They may not be forthcoming in the near term though with the BoK widely expected to stay on hold this Thursday.
  • Most of the sub-indices dipped in relation to the domestic economy and spending intentions. Consumers also became more pessimistic around the chance of rate cuts from the BoK.

Fig 1: South Korea CSI Headline Versus GDP Y/Y

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Earlier data showed headline consumer confidence dipped further in May to 98.4 (from 100.7 in April). This is back to around October 2023 levels and for the first time since December last year, pessimists outweigh optimists in terms of the headline reading. More broadly, sentiment is within ranges and while it isn't suggesting further upside in GDP growth, it also isn't suggesting a sharp deceleration either, see the first chart below.

  • Nevertheless, the result likely underscores the need for easier policy settings from a domestic standpoint. They may not be forthcoming in the near term though with the BoK widely expected to stay on hold this Thursday.
  • Most of the sub-indices dipped in relation to the domestic economy and spending intentions. Consumers also became more pessimistic around the chance of rate cuts from the BoK.

Fig 1: South Korea CSI Headline Versus GDP Y/Y

Keep reading...Show less