S. Korea inflation rises faster than predicted
2011-02-01 15:57:24
South Korea's annual inflation rose sharply in January due mainly to increasing food and energy prices, official figures showed Tuesday.
The consumer price index was up by 4.1 per cent from a year earlier, Statistics Korea said, and increased by 0.9 per cent month-on-month.
In December the index rose 3.5 percent year-on-year and 0.6 per cent month-on-month.
Economists polled by Dow Jones Newswires had forecast a 3.9 per cent rise for January. The central bank's target band for inflation is between two and four per cent.
Prices of fresh food products jumped 30.2 per cent from a year earlier and oil and energy costs rose 10.9 per cent.
The government has made the fight against inflation its economic priority this year.