ID :
92596
Tue, 12/01/2009 - 17:44
Auther :
Shortlink :
https://www.oananews.org//node/92596
The shortlink copeid
S. Korea's consumer prices rise 2.4 pct in Nov: gov't report
(ATTN: RECASTS lead; ADDS quotes, deails from 4th para)
SEOUL, Dec. 1 (Yonhap) -- South Korea's consumer prices grew at the fastest pace
in six months in November as prices for meat and manufactured goods increased, a
report showed Tuesday.
According to the report by the Statistics Korea, the consumer price index rose
2.4 percent last month from a year earlier, accelerating from a 2 percent on-year
advance the previous month. It was the fastest annual gain since May when prices
jumped 2.7 percent.
Consumer prices rose 0.2 percent from a month ago, a turnaround from the previous
month's 0.3 percent decline. Core inflation, excluding volatile oil and food
prices, also jumped 2.5 percent last month from a month ago, the report showed.
"Consumer prices grew mainly due to price hikes in livestock products and
manufactured goods such as oil products and clothes," the statistics agency said.
"Still, the overall price level remains in a stable phase."
Runaway inflation once served as a heavy drag on government-led efforts to
stimulate the slumping economy, as higher prices usually drive households to
scale back consumption.
Inflation surged to 5.9 percent in July last year, the highest in 10 years,
driven by skyrocketing crude and commodity costs. Prices, however, have been
stabilizing ever since.
Earlier, the nation's central bank became more flexible on inflation by
broadening its 2010-2012 target inflation range to between 2 percent and 4
percent from between 2.5 and 3.5 percent for the previous three years. The move
was intended to give more leeway for the bank to manage its monetary policy
flexibly and better cope with economic uncertainty.
The Seoul government predicts that South Korea's economy will shrink 1.5 percent
this year, the first negative growth in more than a decade. Reflecting recently
improving economic conditions, however, it is cautiously saying that the nation
could avoid a growth contraction.
The government has reiterated that it will maintain its expansionary
macroeconomic policy stance until a sustainable economic recovery is assured.
kokobj@yna.co.kr
(END)
SEOUL, Dec. 1 (Yonhap) -- South Korea's consumer prices grew at the fastest pace
in six months in November as prices for meat and manufactured goods increased, a
report showed Tuesday.
According to the report by the Statistics Korea, the consumer price index rose
2.4 percent last month from a year earlier, accelerating from a 2 percent on-year
advance the previous month. It was the fastest annual gain since May when prices
jumped 2.7 percent.
Consumer prices rose 0.2 percent from a month ago, a turnaround from the previous
month's 0.3 percent decline. Core inflation, excluding volatile oil and food
prices, also jumped 2.5 percent last month from a month ago, the report showed.
"Consumer prices grew mainly due to price hikes in livestock products and
manufactured goods such as oil products and clothes," the statistics agency said.
"Still, the overall price level remains in a stable phase."
Runaway inflation once served as a heavy drag on government-led efforts to
stimulate the slumping economy, as higher prices usually drive households to
scale back consumption.
Inflation surged to 5.9 percent in July last year, the highest in 10 years,
driven by skyrocketing crude and commodity costs. Prices, however, have been
stabilizing ever since.
Earlier, the nation's central bank became more flexible on inflation by
broadening its 2010-2012 target inflation range to between 2 percent and 4
percent from between 2.5 and 3.5 percent for the previous three years. The move
was intended to give more leeway for the bank to manage its monetary policy
flexibly and better cope with economic uncertainty.
The Seoul government predicts that South Korea's economy will shrink 1.5 percent
this year, the first negative growth in more than a decade. Reflecting recently
improving economic conditions, however, it is cautiously saying that the nation
could avoid a growth contraction.
The government has reiterated that it will maintain its expansionary
macroeconomic policy stance until a sustainable economic recovery is assured.
kokobj@yna.co.kr
(END)
