BOK sees consumer inflation remaining near 3% in November
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Bank of Korea deputy Gov. Lee Ji-ho / Courtesy of Bank of Korea
Consumer prices are expected to rise into the high 2 percent range in November due to an upward trend in core inflation, the central bank said Tuesday.
“Consumer prices rose at a slower pace in October as shipments of agricultural products improved, but prices of private services and durable goods remained elevated,” Deputy Gov. Lee Ji-ho said during a meeting to review inflation trends.
“In November, inflation is expected to remain in the high 2 percent range, affected by global oil prices and a continued upward trend in core inflation.”
Earlier in the day, government data showed that the country’s consumer prices rose 2.8 percent last month from a year earlier, slowing from 2.9 percent in September and 3.1 percent in August.
Prices of agricultural, livestock and fishery products fell 1.7 percent over the same period, while petroleum product prices advanced 14.9 percent on-year.
Core inflation, which excludes volatile food and energy prices, stood at 2.8 percent on-year in October.
The BOK expected inflation to remain elevated due to both cost-push and demand-pull pressures amid lingering uncertainties in the Middle East.
