Go to Contents Go to Navigation

S. Korea's consumer prices up 5.7 pct on-year in Oct.

All News 08:06 November 02, 2022

By Kang Yoon-seung

SEOUL, Nov. 2 (Yonhap) -- South Korea's on-year growth in consumer prices accelerated from the previous month in October, data showed Wednesday, staying above the 5 percent level for six consecutive months amid lingering global economic uncertainties.

Consumer prices, a key gauge of inflation, rose 5.7 percent last month from a year earlier, picking up speed from a 5.6 percent rise in September, according to the data from Statistics Korea.

In July, consumer prices increased at the fastest pace in almost 24 years at 6.3 percent.

Consumer prices stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 19th straight month in October.

Last month, the Bank of Korea raised its key policy rate by 0.5 percentage point to 3 percent, the second-ever big-step increase and the eighth rise in borrowing costs since August last year amid the inflation pressure.

The central bank forecasts inflation could stay in the 5-6 percent range for a considerable period of time.

Fruits are displayed at a market in Seoul on Nov. 1, 2022. (Yonhap)

Fruits are displayed at a market in Seoul on Nov. 1, 2022. (Yonhap)


Send Feedback
How can we improve?
Thanks for your feedback!