South Korea’s inflation picked up pace in July though it stayed below 3 percent for the fourth consecutive month, data showed Friday.
Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea.
It was the first time in six months that the price growth accelerated.
In January, inflation slowed to 2.8 percent, dropping below 3 percent for the first time since July 2023 but edged up to 3.1 percent in February and stayed at the same level the following month before cooling to 2.9 percent in April.
The figure then fell to 2.5 percent in May and further to 2.4 percent in June, which was the lowest level since July 2023.
The government has said that the country is projected to reach the target rate of 2 percent by around the end of 2024, though prices are forecast to ease at a slower pace than earlier expected.
The finance ministry expects this year’s prices to rise 2.6 percent.
Source: Yon
hap News Agency