Arab Today, arab today s korean inflation expected to hit yearly high
Last Updated : GMT 06:21:45
Arab Today, arab today
Arab Today, arab today

S. Korean inflation expected to hit yearly high

Arab Today, arab today

Arab Today, arab today S. Korean inflation expected to hit yearly high

Seoul - Yonhap

South Korea's inflation rate is widely expected to hit a yearly high in August mainly due to spiking prices of agricultural products, raising concerns that inflationary pressure may further build up despite the government's anti-inflation efforts, officials said Sunday. The country's consumer price growth is forecast to top July's 4.7 percent gain, likely marking the eighth straight month that consumer prices have grown over the government's renewed annual inflation target of 4 percent for the year. Last month, core inflation, which excludes volatile oil and food costs, also jumped 3.8 percent from a year earlier, the largest gain in 26 months. Last week, Finance Minister Bahk Jae-wan said the country's inflation is likely to be higher than expected in August as prices of vegetables and other products remain high, adding that the government will take extra steps to stabilize prices before the Chuseok holidays in September. "Prices of vegetables are rising significantly due to heavy rains in July, with costs of pork, processed goods and many other items increasing as well," said Yoon Jong-won, director general of the finance ministry's economic policy bureau. "The August inflation is likely to top July's figure," he said. The government recently revised upward its annual inflation target for this year from 3 percent to 4 percent. The renewed target, however, seems to be getting tougher to achieve as there are few signs of inflationary pressure letting up any time soon with many other factors poised to drive up prices. Heavy rainfall that devastated some of the nation's farmlands in July is continuing to disrupt the supply of farm goods, driving up prices of vegetables and fruits. Inflationary pressure might go up further in the second half as the government is poised to raise major public service charges. For starters, the government hiked electricity charges by 4.9 percent this month in order to reflect rising power production costs. At the same time, the accelerating price hike might be turning up pressure for the Bank of Korea to raise its key interest rate, although the central bank kept its key policy rate unchanged. South Korea's central bank froze the key interest rate at 3.25 percent for August for the second straight month as the grim global economic outlook, sparked by a U.S. rating cut and eurozone debt fears, overshadowed persisting inflation woes. South Korea's economy is facing heightened uncertainties at home and abroad amid worries over a double-dip recession in the U.S. and the persistent eurozone debt crisis. The South Korean economy grew 0.8 percent on-quarter during the April-June period, the slowest growth since the final quarter of last year, as export gains sharply eased amid global economic uncertainty.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today s korean inflation expected to hit yearly high Arab Today, arab today s korean inflation expected to hit yearly high

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 06:04 2017 Tuesday ,28 March

Saudi Arabia ranks 3rd globally for smartphone use

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday