S. Korea's consumer prices up 5.2 pct in Jan.

SEOUL, Feb. 2 (Yonhap) -- South Korea's on-year growth in consumer prices accelerated from the previous month in January, data showed Thursday, amid expectations inflation will gradually slow throughout 2023.

Consumer prices, a key gauge of inflation, rose 5.2 percent last month from a year earlier, compared with 5 percent growth estimated in December, according to the data from Statistics Korea.

Inflation rose by 5 percent or higher for the ninth month in a row. It increased at the fastest pace in almost 24 years at 6.3 percent in July 2022.

The figure stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 22nd straight month in January.

Last month, the Bank of Korea raised the benchmark seven-day repo rate from 3.25 percent to 3.5 percent, the highest level since 2008, to tame inflation. It was the seventh straight rate increase since April last year, the longest span of tightening.

colin@yna.co.kr
(END)