A US-South Korea tariff deal helped push South Kore consumer confidence to an eight-year high in November, reported the Bank of Korea on Tuesday.

The nation's composite consumer sentiment index (CCSI) in November struck 112.4, up from 109.8 in October, and touching the highest level since late 2017.

Readings above the 100-mark on the index point to consumer optimism, while below suggests pessimism.

Seoul and Washington in mid-November announced. trade deal, alleviating concerns of the future levels of tariffs and trade between the two nations.

Also, Seoul reported in late October that the nation's gross domestic product (GDP) had expanded by a seasonally adjusted annual rate of 1.2% in the third quarter, considered a positive outcome.

"The CCSI rose in November due to factors such as the conclusion of Korea-US tariff negotiations and the better-than-expected gross domestic product (GDP) growth estimate for the third quarter," said Lee Hye-young, head of the BOK's economic sentiment survey team, reported Maell Business News Korea.

In other survey results, South Korean consumer sentiment regarding current living standards in November was unchanged at 96 from October, and that concerning the future outlook logged at 101, up from 100 in October, added the Bank of Korea.

The consumer sentiment regarding future household income struck 104, up from 102 in October, and that concerning future household spending was unchanged at 110, reported Bank of Korea.

The consumer sentiment index for current domestic economic conditions posted at 96 in November, up from 91 in October, and that concerning future domestic economic conditions rose to 102, up from 94 in the previous month.

South Koreans expect consumer prices to rise by 2.6% in the next 12 months, and 2.5% annually for the next three years.

The Bank of Korea survey polled 2,276 households from Nov. 11-18.