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 inflation to remain near 3% in November, according to Deputy Governor Lee Ji-ho's recent statement. Core inflation, which excludes volatile food and energy prices, is projected to continue its upward trend. While consumer prices saw a slower pace of increase in October due to improved shipments of agricultural products, prices of private services and durable goods remain elevated.
November's inflation is expected to remain in the high 2% range, influenced by global oil prices and the persistent upward trend in core inflation. Government figures revealed that consumer prices increased by 2.8% last month from a year earlier, 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 surged by 14.9% year-over-year.
The BOK expects inflation to stay elevated due to both cost-push and demand-pull pressures, despite lingering concerns.
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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
