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South Korea Oct consumer sentiment improves as exports surge

[SEOUL] South Korea's October consumer sentiment index edged up, a central bank survey showed on Friday, as a surge in exports supported a wider economic recovery.

The Bank of Korea's composite consumer sentiment index (CCSI) rose to 109.2 for October, after dipping to a five-month low in September.

A reading above the 100-mark means more consumers are optimistic about economic conditions in coming months than pessimistic.

The survey came after the release of September exports release which marked a ninth consecutive month of double-digit growth, surging 35 per cent year-on-year helped by higher memory chip and steel product sales.

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Households' perceptions of current economic conditions nudged up to 91 index points from 87 in September, while their future prospects improved to stand at 99 versus 96 a month earlier.

The survey also found that the median expectation for the inflation rate over the next 12 months was 2.6 per cent in October, unchanged from September reading.

The central bank's 2017 inflation target is 2 per cent.

REUTERS