South Korean Consumers Become More Pessimistic on Oil

South Korean consumers are the most pessimistic they’ve been this year, primarily because higher oil prices are eroding their disposable incomes, the central bank said, citing a survey of 2,486 households.

The consumer confidence index fell to 87 points this quarter from 92 in the previous three months, the Bank of Korea said in a statement in Seoul. That’s the lowest reading since the fourth quarter. An index level below 100 means more respondents expect their financial situation to deteriorate in the next six months.

Bloomberg