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Consumer confidence at five-month low

Consumer confidence this month declined to a five-month low, mainly as a result of pessimism over the stock market's performance, a National Central University report released yesterday showed.

The consumer confidence index (CCI) dropped 0.5 points this month from last month to 66.03, the lowest since May, when the index dropped to 65.52, according to data provided by the university's Research Center for Taiwan Economic Development.

Of six indices measuring CCI, public expectations of stock performance for the next six months showed the biggest drop, at 3.3 points, the report said.

The local bourse weakened by 0.53 percent to 9,757.93 points yesterday after hitting a seven-year high on Monday.

Consumer price fluctuations registered the second-most important item of concern, sliding 0.3 point, the report said. The consumer price index last month soared 3.08 percent from a year ago on rising food, clothing and fuel prices.

Confidence in job opportunities for the next six months also declined 0.15 point, the report said.

As oil prices continue to climb -- reaching a record US$93.53 per barrel on Monday -- consumers agreed it was a good time to purchase durable goods, pushing the sub-index up 0.45 point, the report said.

Household finances and economic outlook rose 0.15 points each, the report said.
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