Consumer Price Index (CPI) South Korea In May it rose 5.4% from the same month last year, according to the Asian country’s statistics office, the biggest increase in the indicator in 14 years due to increased demand after the pandemic and the war in Ukraine.
data, which a. was before Climbing At 4.8% in April, it represented the biggest increase in prices in Asia’s fourth-largest economy since August 2008.
This is already 14 consecutive months in which Indian Penal Code The inflation target set by the Bank of Korea (BOK) shows growth of over 2%.
By how much did the price of petroleum products increase in May 34.8% year-on-yearAfter adding an increase of 34.4% in April.
cost of Services This increased by 5.1% compared to May 2021, and prices increased by 7.4%, especially in the hotel industry.
products agriculture And fishing prices rose 4.2%, up significantly from 1.9% in April.
inflation Core, which excludes edible and crude oil because of its volatility, rose 3.4% in May, the highest since February 2009.
This rising inflationary pressure suggests that bockWhich has already raised rates five times in the last nine months, will soon implement the hike again in the benchmark, which currently stands at 1.75%.
The South Korean government this week presented a plan to temporarily eliminate tariffs on seven food items and soften price increases, which would reduce customs revenue by about $3.1 billion. von (about $2,500 million).
BoK has recently increased its forecast for inflation 2022 for all to 4.5% and lowered its growth forecast by three tenths to 2.7%.
South Korea’s May inflation at 14-year high