Bank of Korea: "Given the sharp rise in core inflation, November inflation to remain in the high-2% range"

Bank of Korea Holds Meeting to Review Price Conditions on Nov. 3

"Given the sharp rise in core inflation, consumer price inflation is expected to remain in the high-2% range in November."

Lee Jiho, deputy governor of the Bank of Korea, speaks at a meeting to review price conditions held at the Bank of Korea in Jung-gu, Seoul, on the morning of the 3rd.

Lee Jiho, deputy governor of the Bank of Korea, said at a meeting to review price conditions held at the Bank of Korea in Jung-gu, Seoul, on November 3: "Consumer prices in October rose at a slightly slower pace than in the previous month as conditions for the shipment of agricultural, livestock and fisheries products improved, but they continued to rise sharply, led by personal services and durable goods."

Consumer price inflation in October, compared with the same period a year earlier, stood at 2.8%, slightly below the previous month's 2.9%. Core prices rose 2.8%, unchanged from the previous month. In October, core prices recorded steep increases in travel and dining services, as well as electronic products, affected in part by the pass-through of accumulated cost pressures.

Lee said, "Consumer prices are expected to continue rising sharply amid persistent uncertainty over the situation in the Middle East, as cost shocks are passed through and demand-side pressures increase. We will closely monitor price conditions with vigilance."

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