SEOUL, Aug. 28 (Xinhua) -- Sentiment among South Korean consumers over economic situations hit the lowest in 17 months amid the worsening labor market conditions and higher vegetable prices, central bank data showed on Tuesday.
The composite consumer sentiment index (CCSI) stood at 99.2 for August, down 1.8 points from the previous month, according to the Bank of Korea (BOK).
It was the lowest since March last year, keeping a downward trend for the third consecutive month. The index below 100 indicates pessimists outnumbering optimists.
It was attributed to the worsening of job creation. The number of those employed grew 5,000 in July from a year earlier, marking the lowest increase in eight and a half years.
Vegetable price surged 15 percent in mid-August amid the scorching heatwave, raising the living cost of households. Eating-out costs also advanced amid higher ingredient prices.
The weakened consumer sentiment boosted worry about flagging private consumption. The CCSI serves as a leading indicator which reflects consumer spending three months later.
Inflation expectations, which gauge consumers' outlook for headline inflation in the next 12 months, inched up 0.1 percentage point to 2.7 percent this month.
