South Korea inflation at 5.0% in Nov, lowest in 7 months
2022.12.01 18:55
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© Reuters. FILE PHOTO: A customer picks up a lunch box at a convenience store in Seoul, South Korea, June 24, 2022. Picture taken June 24, 2022. REUTERS/ Heo Ran
SEOUL (Reuters) – South Korea’s consumer prices rose 5.0% in November from a year earlier, government data showed on Friday, marking the slowest pace since April and slightly missing market expectations.
The November inflation rate compared with 5.7% in October and 5.1% tipped in a Reuters poll. The country’s inflation rate has been falling since hitting a 24-year high of 6.3% in July as global energy prices eased and the economy slowed.
The Statistics Korea data comes two days after Governor Rhee Chang-yong of the Bank of Korea (BOK) said during an interview at a Reuters NEXT conference that it could adjust the pace of interest rate hikes if needed.
The BOK has since August last year raised its policy interest rate by a total of 275 basis points to 3.25%, a decade high, in its most aggressive tightening cycle to fight inflation.
The core CPI, which excludes volatile food and energy prices, showed annual growth ticking up to 4.3% in November from 4.2% in October, hitting the fastest since December 2008 and reflecting still elevated underlying inflation pressures.
The CPI fell 0.1% on a monthly basis, following the 0.3% rise a month before.
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