S. Korea`s inflation outpaces OECD average: report

SEOUL, Feb. 12 (Yonhap) -- South Korea's inflation grew at a faster pace than the
average for member nations of the Organization for Economic Cooperation &
Development (OECD) last year on increased costs for oil and other commodities, a
report showed Thursday.
According to the OECD report, South Korea's inflation jumped 4.7 percent last
year, compared with an average of 3.7 percent for the group's 30 member nations.
The figure was the sixth highest inflation rate among the member countries.
The price increase also marked the highest level in a decade after the nation was
hit by the Asia-wide financial meltdown in the late 1990s. In 2007, inflation
stood at 2.5 percent.
The Seoul government attributed the hike to the nation's heavy dependence on
imported crude and commodities, whose costs soared last year. South Korea is the
world's fourth-largest oil importer.
Iceland topped the list with a 12.7 percent price climb, followed by Turkey at
10.4 percent. The Czech Republic and Hungary followed with 6.3 percent and 6
percent, respectively, and Mexico ranked fifth with a 5.1 percent price growth,
the report showed.
Japan, meanwhile, saw its price climb a mere 1.4 percent last year. France,
Switzerland, Germany and Canada were also among those nations that kept prices
below the 3-percent level.
kokobj@yna.co.kr
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