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S. Korea's inflation grows at slowest pace in 4 months in Oct.

All News 08:22 November 03, 2020

SEOUL, Nov. 3 (Yonhap) -- South Korea's consumer prices grew at the slowest pace in four months in October due largely to state subsidies for mobile bills, data showed Tuesday.

The consumer price index inched up 0.1 percent on-year last month, sharply slowing from a 1 percent on-year gain in the previous month, according to the data by Statistics Korea.

The sharp slowdown in inflation was mainly attributed to the government's move to provide 20,000 won (US$17.62) to cover communication fees to some people as part of its fourth extra budget designed to cope with the COVID-19 pandemic.

It marked the slowest growth since June when the price index stayed flat and the fourth straight month of increase.

Compared with a month earlier, the country's consumer inflation declined 0.6 percent last month, after posting a 0.7 percent on-month gain in September.

Core inflation, which excluded volatile food and oil prices, declined 0.3 percent on-year in October, compared with a 0.6 percent on-year gain in September.

This file photo, taken Oct. 6, 2020, shows people looking at vegetables while grocery shopping at a discount store in Seoul. (Yonhap)


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