China News Service, July 27. According to the Korea International Broadcasting Station (KBS) report, the Bank of Korea's "July Consumer Trends Survey" report released on the 27th showed that South Korea's expected inflation rate in July was 4.7%, an increase from June. 0.8 percentage points, the expected inflation rate and the month-on-month increase are both the highest since the relevant statistics began in 2008.
Expected inflation reflects consumer expectations for price increases over the coming year.
According to the report, Hwang Hee-jin, head of the Bank of Korea's statistical survey team, said a 6 percent rise in South Korea's consumer price index (CPI) was the main cause of the high expected inflation rate, and people did not think there would be a significant improvement in prices in the second half of the year.
In addition, South Korea's Consumer Psychology Index (CCSI) was 86.0 in June, the index fell for three consecutive months from May this year.
A consumer psychology index below 100 means that consumer psychology is more pessimistic than the long-term average (2003-2021).