S. Korea's consumer prices slow for 4th month in May

Economy 08:00 June 02, 2023

SEOUL, June 2 (Yonhap) -- South Korea's consumer prices growth slowed for the fourth consecutive month in May from a year ago, data showed Friday, in yet another signal that the country's inflation has passed its peak.

Consumer prices, a key gauge of inflation, rose 3.3 percent last month from a year earlier, compared with a 3.7 percent on-year rise in April, according to the report from Statistics Korea.

The growth fell below 4 percent for the first time in 14 months in April.

South Korea's inflation has been on a downward trend with some ups and downs after reaching a peak of 6.3 percent in July last year.

Last week, the Bank of Korea held the benchmark interest rate steady for the third straight time at 3.5 percent on easing inflationary pressure amid rising concerns over an economic slowdown.

Inflation stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 26th straight month in May.