Consumer sentiment drops again as inflation persists

A shopper shops at a supermarket in Seoul on Monday. [YONHAP]

Consumer sentiment fell for the fourth straight month in November amid inflation and interest rates that remain high, according to the Bank of Korea (BOK) data on Tuesday.

The composite consumer sentiment index stood at 97.2 in November, down from 98.1 the previous month, marking the lowest since April this year, when the comparable figure was 95.1, according to the survey conducted by the central bank.

A reading below 100 means pessimists outnumber optimists.

The central bank said consumer sentiment fell amid protracted monetary tightening and waning economic recovery momentum.

Inflation expectations remained flat in November compared to the previous month amid a downward trend in consumer prices, the survey showed.

This month, ordinary people expect consumer prices to rise 3.4 percent for the year ahead, unchanged from the previous month's 3.4 percent.

The figures are closely watched, as their upward move could cause businesses to raise prices and people to ask for pay raises.

BY JIN MIN-JI, YONHAP [jin.minji@joongang.co.kr]