Inflation in South Korea rose 5 percent in December from a year earlier, official data showed on Friday.
The consumer price index was 0.2 percent higher than in November, when it posted a monthly decline of 0.1 percent, according to Statistics Korea data.
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Agricultural products were 1.6 percent lower than a year earlier, but the prices of public services rose 23.2 percent and those of private services 6 percent, producing a global inflation rate elevated. South Korea’s annual inflation rate peaked at 6.3% in July.
The consumer price index was 0.2 percent higher than in November, when it posted a monthly decline of 0.1 percent, according to Statistics Korea data.
Both the central bank and the government signaled that inflation is likely to decline only gradually and that the near-term inflation outlook is uncertain.
Following the release of the data, the Bank of Korea said it expected annual inflation to hover around 5% through early 2023, with both upside and downside risks.
Meanwhile, the South Korean Ministry of Finance said it would continue its efforts to stabilize prices, citing price adjustments early in the new year and increased demand during the Lunar New Year holidays as risk factors.
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article:https://news.cgtn.com/news/2022-12-30/South-Korea-Dec-inflation-steady-at-5-percent-1gbzTe7bc9a/index.html
