Inflation in South Korea rose to a 10-year high in November, staying above the central bank’s target (2%) for the eighth consecutive month.
The consumer price index rose 3.7% over the previous year, after rising 3.2% in October, according to the statistical service.
The figures, which are the highest since December 2011, were higher than expected for a rise of 3.1%.
High prices for oil and other commodities have pushed up inflation in the country, prompting Korea’s central bank to tighten policy and curb rising prices.
Compared to the previous month, the index rose 0.4% in November after rising 0.1% the previous month.
Average estimates spoke of a 0.2% drop in November.
The structural index of consumer prices rose by 1.9% on an annual basis, compared to 2.4% in October. On a monthly basis it increased by 0.1%.
Korea’s central bank at its last meeting revised its inflation forecasts significantly upwards.
It now expects inflation at 2.3% for 2021 and 2% for 2022, compared to previous estimates of 2.1% and 1.5% respectively.
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Source From: Capital
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