S.Korea's consumer confidence goes upward for 2 months

Confidence among South Korean consumers kept an upward trend for two months in a row, indicating an consumption recovery caused by fiscal and monetary stimulus, central bank data showed on Wednesday.

Composite consumer sentiment index (CCSI), which reflects consumers' assessment of economic conditions, stood at 103 for February, up 1 point from a month earlier, according to the Bank of Korea (BOK).

The index is based on a survey of 2,011 households conducted between Feb. 9 and Feb. 16.

After peaking at 107 in September last year, the index continued to fall to 101 in December before rebounding to 102 in January and 103 in February each.

But, it was still lower than 104 tallied in May 2014 when the deadly ferry sinking disaster, which killed 304 people, mostly high school students, weighed down on private consumption.

To boost sentiment among economic agents, the government unveiled a fiscal stimulus package last year, and the BOK cut its policy rate in August and October to a record low of 2 percent.

Sub-indices showed mixed picture. Sentiment on current economic conditions declined 3 points in February from a month earlier, with the reading for prospective economic situations falling 3 points.

Consumer sentiment on current living standards was unchanged at 89 in February, but the figure for prospective living conditions rose 1 point from the prior month.

Prospective household income rose 1 point from a month earlier to 102 in February, with prospective household expenditure gaining 2 points to 109.

Inflation expectations among consumers over the next 12 months were steady at 2.6 percent in February from the previous month.

It marked the lowest since the BOK began compiling the data in February 2002, maintaining concerns about the possible trigger of deflation. Endi