South Korea’s inflation rate hits its highest level since 1998 in July
Data on Tuesday showed that prices in South Korea They rose at the fastest pace in nearly 24 years last July due to rising energy and food prices, in the latest indication that the country faces mounting inflationary pressures.
Consumer prices rose 6.3% year-on-year last month, accelerating from a 6% year-on-year rise in June, according to data from Statistics Korea, the largest year-on-year increase since November 1998, when consumer prices jumped 6.8 percent. %. Inflation remained in the 6% range for the second month in a row.
Consumer prices rose above 2% – the central bank’s medium-term inflation target – for the 16th consecutive month in July.
Core inflation, which does not include volatile food and oil prices, rose 3.9 percent on-year last month.
Inflationary pressures escalated as prices of crude oil and other commodities rose due to the protracted war between Russia and Ukraine, and disruption to the global supply chain.
The rebound in demand caused by the lifting of Corona restrictions has also put upward pressure on prices.
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