The Korea Times
Inflation is projected to remain above the 3 percent level for the time being as the impact of high oil prices spills over into other sectors of the economy amid prolonged Middle East tensions, the central bank said Tuesday. "The inflation rate for June is expected to remain at a level similar to that of May, as the pace of petroleum product prices remains elevated," said Lee Ji-ho, director of the research department at the Bank of Korea (BOK), during a meeting to review inflation trends. "The rise in consumer prices in May was significantly larger than in April, as the increase in petroleum product prices accelerated and service prices rose, particularly for travel-related services such as domestic and international airfares." Earlier in the day, government data showed that Korea's consumer prices rose 3.1 percent in May from a year earlier, marking the steepest growth in 26 months after rising at the same pace in March 2024. Inflation rose 2.6 percent in April. Petroleum product prices shot up 24.2 percent, accounting for 0.92 percentage point of the overall consumer price increase. I
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