Consumer sentiment in South Korea worsened in August after improving for two straight months.

According to the Bank of Korea(BOK) on Tuesday, the composite consumer sentiment index posted 100-point-eight in August, down two-point-eight points from the previous month. 

It marks the first decline after rising two-point-five points in June and two-point-seven points in July. 

A reading above 100 indicates that optimists outnumber pessimists. 

The BOK attributed the decline in consumer sentiment to concerns over a potential U.S. recession, a stock market downturn, and recent settlement failures by e-commerce platforms TMON and WeMakePrice.  

The consumer sentiment index for housing prices rose three points to 118 in August, the highest level in nearly three years since October 2021.
  
Inflation expectations for the year ahead remained steady at two-point-nine percent.