The Bank of Korea expects inflation to average 2.6% in 2024. Photo: Woohae Cho/Bloomberg NewsSouth Korea’s headline inflation picked up at a stronger-than-expected pace in July, reaccelerating due to higher prices for agricultural and oil products, after easing for three consecutive months. The benchmark consumer-price index rose 2.6% from a year earlier, following a 2.4% gain in June, the country’s statistics office said Friday. The pickup in headline inflation may stoke caution among monetary-policy makers even if they still expect inflation in South Korea to keep trending lower. The Bank of Korea expects inflation to average 2.6% in 2024 and 2.1% next year in South Korea.

Source: Wall Street Journal August 02, 2024 10:17 UTC