Inflation in South Korea at lowest level in seven months in November

According to South Korea’s statistics office, the consumer price index (CPI) rose 5.0% year-on-year in November. This is the lowest rate since April 2022 and is below market expectations.

Inflation slowed in November from 5.7% in October and was below market expectations of 5.1%.

Inflation in South Korea has fallen from its 24-year high of 6.3% in July as global energy prices have fallen and the economy has slowed.

The core CPI, which excludes food and energy prices, rose year-on-year to 4.3% in November from 4.2% in October, its highest level since December 2008.

Compared with the previous month, the core CPI fell by 0.1% in November after rising by 0.3% in October.

Since August, the BOK has raised its key interest rate by a total of 2.75% to 3.25%, the highest level in 10 years.

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