Korea’s consumer inflation accelerated to a 26-month high in May, driven by soaring oil prices amid the ongoing conflict in the Middle East, reinforcing market expectations that the Bank of Korea (BOK) could raise the base rate in July, market watchers said Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent last month from a year earlier, marking the fastest pace of growth since March 2024, according to data released by the Ministry of Data and Statistics. The increase was largely driven by higher energy costs. Prices of industrial goods rose 4.2 percent from a year earlier, while petroleum product prices jumped 24.2 percent, contributing 0.92 percentage points to overall inflation. This marked the steepest increase since a 35.2 percent surge recorded in 2022, following Russia’s invasion of Ukraine. The statistics ministry attributed the rise in consumer prices to a rebound in agricultural, livestock and fisheries product prices, as well as soaring oil costs linked to the conflict in the Middle East. On the same day, central bank officials held a meeting to review inflat
Consumer prices hit 26-month high, fueling rate hike expectations
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Latest News from Korea
- Consumer prices hit 26-month high, fueling rate hike expectations
Korea’s consumer inflation accelerated to a 26-month high in May, driven by soaring oil prices amid the ongoing conflict in the Middle East, reinforcing market expectations that the Bank of Korea (BOK) could raise the base rate in July, market watchers said Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent last month from a year earlier, marking… Read more: Consumer prices hit 26-month high, fueling rate hike expectations - HanmiGlobal to host global summit on AI-driven future of project managementConstruction project management (PM) firm HanmiGlobal will host an international summit on artificial intelligence (AI)-driven innovation in the industry this month to mark its 30th anniversary. The company said that the summit, scheduled for June 19 at the POSCO Center in Seoul’s Gangnam District, will bring together global industry and academic experts to explore the evolving role and strategic shifts… Read more: HanmiGlobal to host global summit on AI-driven future of project management
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Learn People & History of Korea
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