In July, consumer prices added 0.66% over the previous month, which more than doubled the 0.17% rise recorded in June and was higher than the 0.35% increase observed in July 2010. Prices for food and non-alcoholic beverages, which added 2.85% compared to the previous month, were the main driver behind the reading. As a consequence of the monthly increase, annual inflation jumped from 4.4% in June to 4.7% in July, marginally exceeding market analysts' expectations of inflation rising to 4.4% and reaching the highest level since October 2008. With July's result, annual inflation remained above the Central Bank's target of 3.0% 1.0 percentage points for the seventh consecutive month. The core inflation index, which excludes more volatile items such as fresh food and energy, added 0.34% over the previous month, which was in line with the result observed in June but above the 0.17% rise recorded in July 2010. Consequently, annual core inflation inched up from 3.7% in June to 3.8% July. The Central Bank expects inflation to end the year at 3.9% in 2011, before stepping down to 3.4% by the end of 2012.
Inflation soars in July
July 29, 2011
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Korea Economic News
October 13, 2016
At its 13 October monetary policy meeting, the Bank of Korea (BoK) announced that it will hold the base rate constant at a record low of 1.25%, which was largely in line with market expectations.
October 5, 2016
In September, consumer prices rose 0.6% over the previous month, which contrasted the 0.1% decrease in August and overshot the 0.2% increase the markets had expected.
October 3, 2016
Korea’s Customs Services reported that exports totaled USD 40.9 billion in September, which represented a 5.9% contraction over the USD 43.4 billion recorded in the same month last year.
September 30, 2016
The forward-looking business confidence indicator (BSI) for the manufacturing sector produced by the Bank of Korea (BoK) rose from 74 points in September to 75 points in October.
September 30, 2016
In August, industrial production accelerated and expanded 2.3% year-on-year, which was up from both the 1.6% increase registered in July and the 1.6% rise the markets had expected.