South Korea July inflation near 24-yr high, as expected
2022.08.02 02:21
An office worker eats his lunch at a convenience store in Seoul, South Korea, June 24, 2022. Picture taken June 24, 2022. REUTERS/ Heo Ran/File Photo
SEOUL (Reuters) – South Korea’s consumer price index rose 6.3% in July from a year earlier, official data showed on Tuesday, accelerating from the previous month to hit the fastest in almost 24 years and meeting market expectations.
It was up from a 6.0% rise in June and at the fastest pace since a 6.8% gain in November 1998. The median forecast in a Reuters survey of economists was for the July consumer price index to be 6.3% higher than a year earlier.
The index rose 0.5% in July on a monthly basis, just above a 0.4% rise tipped in the survey but slowing from a 0.6% gain in June, the Statistics Korea data showed.
