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Reading: South Korea inflation cools greater than anticipated as price reduce speak grows By Reuters
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South Korea inflation cools greater than anticipated as price reduce speak grows By Reuters
The Tycoon Herald > Business > South Korea inflation cools greater than anticipated as price reduce speak grows By Reuters
Business

South Korea inflation cools greater than anticipated as price reduce speak grows By Reuters

Tycoon Herald
By Tycoon Herald 3 Min Read Published October 2, 2024
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By Jihoon Lee

SEOUL (Reuters) – South Korea’s client inflation cooled greater than forecast in September and under the central financial institution’s goal for the primary time since early 2021, amid rising expectations of an imminent coverage easing.

The buyer worth index (CPI) rose 1.6% in September from a 12 months earlier, after an increase of two.0% in August, knowledge from Statistics Korea confirmed on Wednesday.

It was weaker than a median 1.9% enhance tipped in a Reuters ballot of economists and marked the weakest annual enhance since February 2021.

The studying was under the Financial institution of Korea’s (BOK) medium-term goal of two% and comes amid rising speak amongst policymakers and market contributors about an imminent rate of interest reduce with the following coverage assembly scheduled for Oct. 11.

South Korea’s policy-sensitive three-year treasury bond yield fell on Wednesday by 3.4 foundation factors to 2.777%, the bottom stage since April 2022.

Finance Minister Choi Sang-mok and BOK Deputy Governor Kim Woong each mentioned the worth stabilisation development was persevering with.

“The data once again backed the case for rate cuts,” mentioned Ahn Jae-kyun, a fixed-income analyst at Shinhan Securities, who expects the BOK to decrease rates of interest subsequent week.

“There is a precedence of the BOK lowering interest rates after seeing inflation coming down to the 1% range from 2%, but what is different this time is household debt and the central bank’s stance on it,” Ahn mentioned.

The BOK at its final assembly in August held rates of interest at a 16-year excessive of three.50% regardless of slowing inflation and home demand, as board members have been involved about monetary stability dangers stemming from a scorching housing market.

South Korea inflation cools greater than anticipated as price reduce speak grows By Reuters

CPI rose 0.1% on a month-to-month foundation, additionally slower than 0.4% within the earlier month and 0.3% anticipated by economists. Costs of petroleum merchandise fell 4.1% and personal providers declined 0.4%, offsetting beneficial properties in agricultural merchandise and public utilities.

Core CPI, which excludes unstable meals and vitality objects, rose 2.0% year-on-year, slower than the two.1% rise the earlier month and the weakest since November 2021. (This story has been corrected to repair the August determine to 2.0%, not 1.9%, in paragraph 2)

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