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S. Korea's consumer prices up 5 pct on-year in Nov.

Economy 08:00 December 02, 2022

By Kang Yoon-seung

SEOUL, Dec. 2 (Yonhap) -- South Korea's on-year growth in consumer prices sharply slowed in November from a month earlier, data showed Friday, in a signal that the country's inflation has passed the peak.

Consumer prices, a key gauge of inflation, rose 5 percent last month from a year earlier, compared with a 5.7 percent growth tallied in October, according to the data from Statistics Korea.

Consumer prices increased at the fastest pace in almost 24 years at 6.3 percent in July. In September, they expanded 5.6 percent on-year.

The figure stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 20th straight month in November.

The Bank of Korea has hiked the rate by a combined 2.75 percentage points since August last year to tame inflation. The rate currently stands at 3.25 percent.

The central bank also recently lowered its 2023 growth outlook to 1.7 percent from 2.1 percent predicted three months earlier. It revised down the inflation outlook for next year from 3.7 percent to 3.6 percent as well.

Shoppers choose vegetables at a supermarket in Seoul on Nov. 27, 2022. (Yonhap)

Shoppers choose vegetables at a supermarket in Seoul on Nov. 27, 2022. (Yonhap)

colin@yna.co.kr
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