South Korea's November consumer sentiment at 14-month high

[SEOUL] A key South Korean consumer confidence index rose for a fifth consecutive month to a 14-month high in November, central bank data showed on Thursday, boding well for a sustained recovery in consumer spending.

The composite consumer sentiment index (CCSI) ticked up to 106 in November from 105 in October, according to the Bank of Korea data compiled from its monthly survey, the highest level since it touched 107 in September last year.

A reading above 100 indicates consumers feel more optimistic about their economic and living conditions.

The findings may reinforce optimism in the government and the central bank that private consumption will continue to grow, offsetting the broader economic drag from weak exports.

Stronger consumption was the main reason for the economy's sharp rebound in the third quarter.

The Bank of Korea's survey also showed the median expected inflation rate for the next 12 months remained unchanged in November at 2.5 per cent set in each of the previous three months.

The Bank of Korea surveyed more than 2,000 households in cities across the country from Nov 12-19.

REUTERS