South Korea’s consumer prices rose by more than 2% for the second consecutive month in July, mainly driven by higher costs of industrial goods and services, government data showed Tuesday.
Consumer prices, a key gauge of inflation, increased 2.1% from a year earlier last month, according to the data from Statistics Korea, cited by Yonhap News Agency.
Inflation had remained above the Bank of Korea’s 2% target for four consecutive months through April before slowing to 1.9% in May. It then edged up to 2.2% in June.
The statistics agency said the July gain was mainly due to the continued depreciation of the South Korean won, which pushed up import prices for industrial goods. A steady increase in service prices also added to inflationary pressure.
Core inflation, which excludes volatile food and energy prices, went up 2% in July, matching the previous month’s increase
Quoted from Qna Agency with modification.
Sharjah: Doctors at NMC Royal Hospital Sharjah have successfully diagnosed and treated a rare congenital…
UAE authorities have reassured residents that the situation is safe after air defences intercepted missile…
Abu Dhabi authorities are responding to fires near KEZAD after debris from intercepted missiles fell…
Italian regulators are investigating Sephora and Benefit Cosmetics over the apparent use of “covert marketing…
The Gucci owner, Kering, is selling its beauty division to L’Oréal for €4bn (£3.5bn), as its new…
Musical inspiration from Corinne Bailey Rae; danger in a magical academy; the adventures of an…