SEOUL, July 27 (Xinhua) -- South Korea's inflation expectations hit a record high in July, fueling worries about faster-than-expected interest rate hikes, central bank data showed Wednesday.
Inflation expectations, which gauge outlook among consumers over headline inflation for the next 12 months, stood at 4.7 percent in July, up 0.8 percentage points from a month earlier, according to the Bank of Korea (BOK).
It was the highest since data began to be compiled in 2008, marking the fastest monthly increase.
To curb surging inflation, the BOK lifted its policy rate by 50 basis points to 2.25 percent earlier this month, raising the rate by half a percentage point for the first time.
The composite consumer sentiment index (CCSI) came to 86.0 in July, down 10.4 points from the previous month.
The index kept sliding for the third consecutive month, falling below 90 in 21 months amid the rapid spread of the COVID-19 sub-variant.
The results were based on a survey of 2,432 households conducted on July 11-18. ■