Posted 11/12/2023, 5:00:00 AM
South Korean Inflation Slows Slightly But Remains High As Food Prices Stay Elevated
- South Korean inflation likely to ease to around 3.6% in November as prices of agricultural products fall, according to finance minister
- Consumer price index was 3.8% higher in October 2022 compared to a year ago, fastest rate since March 2021
- Higher food costs contributed to accelerated consumer inflation for third straight month in October
- Policymakers monitoring if current interest rates are sufficiently tight to rein in inflation
- Finance minister expects inflation rate to stabilize gradually but slowly if oil prices keep falling