BOK sees consumer inflation remaining near 3% in November
Consumer prices are expected to rise into the high 2 percent range in November due to an upward trend in core inflation, the central bank said Tuesday. "Consumer prices rose at a slower pace in October as shipments of agricultural products improved, but prices of private services and durable goods remained elevated," Deputy Gov. Lee Ji-ho said during a meeting to review inflation trends. "In…
The Bank of Korea anticipates consumer prices to remain close to 3% in November, driven by a persistent rise in core inflation, according to Deputy Governor Lee Ji-ho on Tuesday. Despite a deceleration in October, with agricultural product shipments improving, services and durable goods prices continue to stay high. Inflation forecasts for November point to the high 2% range, influenced by global oil prices and the ongoing upward trajectory of core inflation.
Government figures revealed that South Korean consumer prices surged by 2.8% last month year-on-year, a slowdown from 2.9% in September and 3.1% in August. Agricultural, livestock, and fishery product prices declined by 1.7% over the same period, while petroleum product prices climbed by 14.9% compared to the previous year. Core inflation, excluding volatile food and energy prices, stood at 2.8% on-year in October.
The BOK anticipates inflation to remain elevated due to cost-push and demand-pull pressures, despite lingering challenges.
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- BOK sees consumer inflation remaining near 3 pct in Nov. en.yna.co.kr
- BOK sees consumer inflation remaining near 3% in November koreatimes.co.kr
