2024-07-02 19:38:18
June Shopper Worth Index 2.4%… Lowest in 11 Months
Kim Woong, Deputy Governor of the Financial institution of Korea: “Uncertainty nonetheless exists… We have to wait and see”
With the buyer value inflation price reaching 2.4% final month, recording the two% stage for the third consecutive month, the Financial institution of Korea predicted that the general slowdown pattern would proceed, however identified that there’s nice uncertainty relating to the excessive trade price, worldwide oil value actions, climate circumstances, and public utility price changes.
Kim Woong, Deputy Governor of the Financial institution of Korea, held a ‘value state of affairs evaluation assembly’ on the Financial institution of Korea headquarters on the 2nd and reviewed the current value state of affairs and future value developments. Attendees included Lee Ji-ho, Director of the Analysis Bureau, and Shin Seung-cheol, Director of the Financial Statistics Bureau.
In accordance with Statistics Korea on this present day, the buyer value index final month was 113.84 (2020=100), up 2.4% year-on-year. That is the bottom stage since July final 12 months (2.4%).
Shopper costs peaked at 3.8% in October final 12 months and have been declining steadily, slowing to 2.8% in January this 12 months. They then rebounded to three% in February and March, and have been within the 2% vary for 3 consecutive months since April.
The core value index, which reveals the fundamental pattern of costs excluding gadgets with excessive value volatility resembling meals and power, rose 2.2% year-on-year to 110.95 (2020=100). The index excluding agricultural merchandise and petroleum merchandise rose 2.0% to 112.56.
Deputy Prime Minister Kim evaluated positively, saying, “The core inflation price has maintained a steady pattern within the low 2% vary, and the buyer value inflation price has additionally proven a downward pattern as anticipated, falling to the mid-2% vary.”
In doing so, it predicted that “whereas the buyer value inflation price might quickly decelerate attributable to current will increase in oil costs, the general slowdown pattern will proceed when contemplating the downward stabilization of primary costs resembling core costs and the bottom impact from the surge in oil and agricultural product costs in August of final 12 months.”
Nevertheless, he stated that uncertainty within the value outlook path is excessive. He stated, “Because the excessive trade price stage continues, there are nonetheless uncertainties associated to worldwide oil value actions, climate circumstances, and public utility price changes, so it’s crucial to observe whether or not costs converge to the goal as anticipated.”
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2024-07-02 19:38:18