South Korea’s inflation accelerates on higher oil price impact
Businesstimes News·- In April, South Korea's consumer inflation increased by 2.6% year-on-year, the fastest rise since July 2024, driven by surging energy costs and external pressures. - Excluding volatile food and energy prices, core inflation rose to 2.2%, indicating controlled underlying price pressures despite heightened external cost shocks. - The data underscores the potential for the Bank of Korea to consider tightening policy amid rising inflation expectations and persistent domestic demand concerns.Bank of Korea deputy chief says time to consider rate hikes
CNA·- South Korea's Bank's Senior Vice Governor stated that monetary policy guidance will become more hawkish at the upcoming meeting later this month. - During a press conference at the Asian Development Bank meeting in Samarkand, Uzbekistan, he discussed inflation pressures despite recent government measures to control consumer prices. - He also noted that economic growth is expected to reach about 2% this year, largely due to the boom in chip exports.