The country’s consumer sentiment improved for the fifth consecutive month in July.

According to the Bank of Korea(BOK) on Wednesday, the composite consumer sentiment index climbed two-point-five points on-month to stand at 103-point-two in July, posting above the 100-point threshold for the second straight month to indicate that optimists outnumber pessimists.

Noting that the index gained for the fifth consecutive month and posted above 100 for the second straight month, a BOK official attributed the rise to hopes of recovery in private spending and the easing of sluggishness in exports amid relenting inflation.

Consumers’ expected inflation for the year ahead dropped zero-point-two percentage points on-month to three-point-three percent.

Perceived inflation for the past year also dropped by zero-point-three percentage points on-month to four-point-three percent in July.