Amman, Statistics Korea data Friday showed that the annual growth of South Korean consumer prices slowed sharply in November compared to October, indicating that inflation in the country had “passed its peak.”
According to Yonhap News Agency, consumer prices, a key measure of inflation, rose 5 per cent year-on-year in November, compared with a growth of 5.7 per cent in October.
Consumer prices rose at the fastest pace in nearly 24 years at 6.3 per cent in July, and in September they rose 5.6 per cent year on year.
The figure remained above 2 per cent – the central bank’s medium-term inflation target – for the 20th consecutive month in November.
The Bank of Korea has raised interest rates by 2.75 basis points since August 2021 to tame inflation. The interest rate is currently 3.25 per cent.
Source: Jordan News Agency