BOK sees consumer inflation remaining near 3 pct in Nov.
SEOUL, Nov. 3 (Yonhap) -- Consumer prices are expected to rise into the high 2 p...
The Bank of Korea (BOK) anticipates consumer prices to remain near a 3% annual rate in November, according to Deputy Governor Lee Ji-ho. This projection is based on the upward trajectory of core inflation. October saw a slowdown in consumer price growth, with shipments of agricultural products improving. However, prices for private services and durable goods remained high.
November's inflation is projected to stay in the high 2% range, driven by global oil prices and the ongoing rise in core inflation. Government figures revealed that consumer prices increased by 2.8% in October compared to a year ago, down from 2.9% in September and 3.1% in August. Agricultural, livestock, and fishery product prices fell by 1.7% over the same period, while petroleum product prices surged by 14.9% year-on-year.
Core inflation, which excludes volatile food and energy prices, was 2.8% on-year in October. The BOK expects inflation to remain elevated due to both cost-push and demand-pull pressures, despite ongoing uncertainties in the Middle East.
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Also reported by 1 other outlet
- BOK sees consumer inflation remaining near 3% in November koreatimes.co.kr
