South Korea May CPI Accelerates to 3.1%, Fastest in More Than Two Years
South Korea’s consumer-price index rose 3.1% in May from a year earlier, beating a 2.9% forecast and accelerating from 2.6% in April, according to the statistics office. Prices increased 0.5% on the month versus expectations for 0.2%, while core inflation rose to 2.5% from 2.2% in April.
The May reading was the fastest pace in more than two years, reflecting higher oil prices amid Middle East tensions and the won’s weakness against the US dollar. The Bank of Korea said June inflation is expected to remain broadly in line with May levels and around 3% for a prolonged period.
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@firstsquawkS. KOREA MAY CPI RISES 3.1% Y/Y (FORECAST 2.9%, PREV 2.60%) AND 0.5% M/M (FORECAST 0.2%, PREV 0.50%); CORE CPI 2.5% Y/Y VS 2.2% IN APRIL - STATS OFFICE
@wsjThe benchmark consumer-price index rose 3.1% from a year earlier in May, reflecting the effects of higher oil prices amid Middle East tensions and the won’s weakness against the U.S. dollar.
@businessSouth Korea’s consumer inflation accelerated to the fastest pace in more than two years, reinforcing the central bank’s tilt toward higher interest rates as the impact from the Middle East conflict ripples across the economy
@firstsquawkBank of Korea: June inflation expected to remain broadly in line with May levels
@firstsquawkInflation is expected to remain around 3% for a prolonged period, says Bank of Korea.
@zerohedgeSouth Korea's headline CPI inflation rose to 3.1% in May, up from 2.6% the prior month