© Reuters. Women eat fried chicken at a Han River park in Seoul, South Korea, April 26, 2022. Picture taken April 26, 2022. REUTERS/Kim Hong-Ji/File Photo
SEOUL (Reuters) – South Korean inflation is expected to slow in November to around 3.6 percent as prices of agricultural products began to fall, the finance minister said on Sunday.
South Korea’s consumer price index was up 3.8% in October from a year ago, the fastest inflation rate since March 2023 and above 3.6%. predicted by a Reuters poll.
“Oil prices have fallen slightly recently. If this is the trend, the inflation rate will be around 3.5% to 3.6%, and this type of price stabilization will happen gradually, albeit slowly,” said Finance Minister Choo Kyung-ho. public channel KBS TV.
Consumer inflation accelerated for a third month in October amid rising food prices, keeping policymakers on edge as they monitor whether current interest rates are tight enough to curb inflation.