South Korea’s inflation slows in June

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Inflation

South Korea’s consumer price inflation slowed in June but remained above the central bank’s target for the third straight month, data from Statistics Korea showed on Friday.

Consumer prices grew 2.4 per cent year-on-year in June, slower than the 2.6-per-cent increase seen in May and the economists’ forecast of 2.5 per cent.

Nonetheless, the rate remained above the target of 2 per cent since April. The 2.6-per-cent inflation rate posted in May was the highest since early 2012. On a monthly basis, consumer prices were down 0.1 per cent, offsetting May’s 0.1-per-cent rise. Excluding food and energy, core inflation held steady at 1.2 per cent in June.

The cost of food and non-alcoholic beverages advanced 6.5 per cent and transport prices grew 8.3 per cent. Clothing and footwear prices gained only 0.2 per cent. At the same time, housing, water, electricity, gas and other fuel prices rose 1.2 per cent.

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