Taiwan's consumer confidence keeps weakening for 6 months

The Consumer Confidence Index (CCI) of Taiwan has declined for six consecutive months and plunged to 63.05 points in July, according to a survey report released on Wednesday by the Research Center for Taiwan Economic Development.

The CCI consists of six sub-indexes measuring consumers' anticipation for six facets of the economy in the coming six months, including employment opportunities, consumer prices, and domestic economic outlook. A reading between 100 and 200 points suggests optimism, while one below 100 indicates pessimism.

Five out of the six sub-indexes fell in July, while the sub-index for consumer prices slightly rose, according to the report. Notwithstanding this, most of the respondents in the survey held a pessimistic attitude toward Taiwan's inflation in the future.

The report also reveals that the sub-index for Taiwan's economic outlook dropped by 1.4 points to 79.55 points in July, a new low since June 2020. The sub-indexes for the domestic economic outlook and for employment opportunities fell to 74.35 points and 63.7 points respectively.