It was corroborated by a Consumer Confidence Index (CCI) reading in optimistic territory above the 100-point threshold at a level of 121.7, despite retreating from 126.4 in December 2019.
"Positive consumer perception of current economic conditions as well as expectations of future economic dynamics maintained consumer optimism in the reporting period," the central bank said in a press release issued on Thursday, February 6, 2020.
In terms of current economic conditions, consumers were buoyant on incomes and conditions for buying durable goods.
In addition, the respondents also had positive expectations regarding incomes, job availability and business conditions in the upcoming six months.
Furthermore, consumers predicted more intense inflationary pressures in the next 12 months (January 2021) based on stronger demand expected next year, as confirmed by an uptick in the 12-month Price Expectations Index (PEI) compared with conditions one month earlier.