Bank of Korea projects November inflation to stay at upper end of 2% range

Deep News11-03 09:20

The Bank of Korea said on Tuesday that consumer prices are expected to remain at the upper end of the 2% range in November, influenced by a rising trend in core inflation.

Speaking at a meeting to assess inflation trends, Bank of Korea Deputy Governor Lee Ji-ho said: "In October, consumer price growth slowed as agricultural product supply conditions improved; however, prices for private services and durable goods remained elevated."

"Affected by global oil prices and the continued upward trend in core inflation, the inflation rate is expected to remain at the upper end of the 2% range in November."

Government data released earlier in the day showed that South Korea's Consumer Price Index (CPI) rose 2.8% year-on-year in October, slowing from 2.9% in September and 3.1% in August.

During the same period, prices of agricultural, livestock and fishery products fell 1.7%, while petroleum product prices rose 14.9% year-on-year.

Core inflation in October, which excludes volatile food and energy prices, stood at 2.8%.

The Bank of Korea expects inflation to remain elevated, pressured by both cost-push and demand-pull factors, along with persistent uncertainty in the Middle East.

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