FILE PHOTO: An workplace employee eats his lunch at a comfort retailer in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran

Register now for FREE limitless entry to Reuters.com

SEOUL, Aug 2 (Reuters) – South Korea’s shopper worth index stood 6.3% greater in July than a 12 months earlier, official information confirmed on Tuesday, accelerating from the earlier month to hit the quickest inflation price in nearly 24 years.

The rise met market expectations.

The annual price was up from a 6.0% rise seen in June and was the quickest tempo since a 6.8% acquire in November 1998. The median forecast in a Reuters survey of economists was for the July shopper worth index to be up 6.3% on a 12 months earlier. learn extra

Register now for FREE limitless entry to Reuters.com

The index rose 0.5% in July on a month-to-month foundation, simply above a 0.4% rise tipped within the survey however slowing from a 0.6% acquire in June, the Statistics Korea information confirmed.

Annual core inflation, which excludes unstable meals and power costs, ended a three-month run of successive acceleration to carry regular in July on the 3.9% price seen in June.

Tuesday’s information would be the solely month-to-month inflation figures launched between the central financial institution’s elevating of rates of interest in July and its subsequent coverage assembly, this month. The July rise, 50 foundation factors, was larger than ordinary.

The Financial institution of Korea, which started tightening coverage late final 12 months forward of its friends, stated that the big-step price hike on July 13 was uncommon and that it might most certainly be elevating by a ordinary 25 foundation factors every time sooner or later. learn extra

It has raised the bottom price, which applies to its 7-day repurchase agreements, by a complete of 175 foundation factors since August final 12 months from document low 0.5% and is broadly seen poised for extra hikes for the remainder of this 12 months.

Register now for FREE limitless entry to Reuters.com

Reporting by Jihoon Lee and Choonsik Yoo; Enhancing by Tom Hogue and Bradley Perrett

Our Requirements: The Thomson Reuters Belief Ideas.

Leave a Reply

Your email address will not be published.