Inflation accelerated in South Korea in July; remained at nine-year peak Reuters

© Reuters. File picture: On May 28, 2020, in Seoul, South Korea, people wearing masks walked in the Myeongdong shopping district in order to avoid the spread of coronavirus disease (COVID-19). REUTERS/Kim Hong-Ji

SEOUL (Reuters)-Government data released on Tuesday showed that South Korea’s July consumer price index rose 2.6% from a year earlier, higher than the 2.4% increase in June and exceeding the 2.4% increase in a Reuters survey.

This is also the same as the 2.6% increase in May, when it marked the fastest growth rate since April 2012 and remained above 2% for the fourth consecutive month.

Inflation rose 0.2% month-on-month, rebounding from negative 0.1% in June, when it fell to the negative territory for the first time in seven months.

At the same time, core inflation rose by 1.2% year-on-year, which was the same as in June.

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