Confidence among South Korean consumers fell to the lowest in three months, indicating little impact from monetary and fiscal stimulus, central bank data showed Tuesday.
Composite consumer sentiment index (CCSI), which reflects consumers' assessment of economic conditions, stood at 105 in October, down 2 points from a month earlier, according to the Bank of Korea (BOK).
After falling from 107 in June to 105 in July, the sentiment rebounded to 107 in August and September, but it slid to 105 again in October.
The decline indicated little effect of the monetary and fiscal stimulus. The BOK cut its benchmark interest rate by 25 basis points in October to a record low of 2 percent after lowering it to 2.25 percent in August.
The Finance Ministry unveiled a fiscal stimulus package worth more than 40 trillion won (38 billion U.S. dollars) in July to boost the faltering private consumption and bolster the worsening sentiment of "economic agents."
Sub-indices showed pessimistic performance. Sentiment on current economic conditions retreated 4 points from a month earlier to 79 for October, with the reading for prospective economic situations tumbling 6 points to 91.
Consumer sentiment on current living standards slid 2 points to 91 last month, with the figure for prospective living conditions falling 1 point to 99.
Inflation expectations among consumers over the next 12 months reached an annual rate of 2.7 percent in October, marking the lowest since the BOK began compiling the data in February 2002./.