Filipino consumers became more pessimistic in the second quarter of the year, citing higher inflation, lower family income, and fewer job opportunities as the main reasons.

Results of the latest Consumer Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) showed that the current-quarter overall consumer confidence index (CI) declined from -13 percent in the first quarter to -14 percent in the second quarter.

A negative CI means more respondents are pessimistic than optimistic.

Despite the more downbeat sentiment for the current quarter, the consumer confidence index for both the next quarter and the next 12 months was positive, reflecting sustained consumer confidence in the near term.

Consumers also expect inflation over the next 12 months to remain within the National Government’s target range, indicating easing household inflation expectations. Within-target inflation supports investments and employment. Bangko Sentral ng Pilipinas