Korea's October inflation grows to the largest in 7 months

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Korea's October inflation grows to the largest in 7 months

Published: 02 Nov. 2023, 09:00 Updated: 02 Nov. 2023, 09:35

PARK EUN-JEE
park.eunjee@joongang.co.kr

People shop at a discount store in Seoul on Sunday. [YONHAP]

Korea's inflation stayed above 3 percent for the third consecutive month in October, marking the largest gain in seven months.

Consumer prices, a key gauge of inflation, rose 3.8 percent in October from a year earlier, rising from a 3.7 percent on-year increase the previous month, according to Statistics Korea report Thursday.

Inflation has been moderating as the on-year price growth fell below 4 percent in April for the first time in more than a year and had been decreasing to fall to a 25-month low of 2.3 percent in July.

But the figure rose to 3.4 percent in August and 3.7 percent the following month due to high oil costs and rising prices of some farm goods.

The Bank of Korea has said that inflationary pressure is expected to stay over 3 percent through the end of this year, higher than its target rate of 2 percent.

BY PARK EUN-JEE,YONHAP [park.eunjee@joongang.co.kr]