South Korea's consumer price index (CPI) rose 5% in November from the same period last year, which not only slowed down from the previous month's growth rate, but also hit a new low in seven months.

(Bloomberg)

[Financial Channel/Comprehensive Report] According to data from the Korea Statistics Bureau, South Korea’s consumer price index (CPI) rose by 5% in November compared with the same period last year. Inflationary pressures in South Korea appear to have peaked and receded.

South Korea’s CPI growth was 6% and 6.3% in June and July, respectively, and then gradually slowed down to 5.7% in August and 5.6% in September. Although affected by the rise in coal prices in October, it rebounded to 5.7%. It fell back again in November.

Please read on...

At present, South Korea's CPI growth rate has remained above 2% for 20 consecutive months, which is in line with the Bank of Korea's medium-term inflation target.

In addition, the core CPI, which excludes the volatile agricultural products and petroleum products, rose by 4.3%.

Statistics Korea pointed out that the price increase of agricultural and sideline products and other industrial products such as petroleum slowed down significantly in November.

The price of agricultural and sideline products increased by 0.3% year-on-year, a sharp drop from the 5.2% year-on-year increase in October.

That said, prices for processed food, personal services and utilities have risen sharply.

Water, electricity and coal prices have increased by 23.1% year-on-year, hitting a new high since statistics began in 2010, and personal services have also increased by 6.2% year-on-year, resulting in an overall rise in South Korea's CPI in November.

Grasp the pulse of the economy with one hand I subscribe to Free Finance Youtube channel

Already added friends, thank you

Welcome to 【Free Finance】

feel good

Already liked it, thank you.

related news